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The Gates Foundation wasn't part of the survey, but its endowment's performance has been repeated across the country.
"There's no group here in the nonprofit sector that was able to avoid these very steep declines," said William F. Jarvis, managing director of the Commonfund Institute of Wilton, Conn., which provides investment advice to nonprofits and does an annual study of foundations.
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Donna Gordon Blankinship
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