Battered Nonprofits Seek to Tap Nest Eggs

At the end of June, 39% of colleges and private secondary schools had gifts in their endowments that were under water, compared with 16% the year before, according to a survey of 628 institutions by Commonfund Inc., a Connecticut money manager. John Griswold, a top Commonfund official, says the percentage has likely swelled beyond 39% now because the survey predated the October market swoon.