College Fundraising Outlook Darkens After Surge

In line with other wealthy schools, Stanford has said its endowment, which stood at $17.2 billion on Aug. 31, is expected to decline 20% to 30% this year. The university is planning steep cuts to its $3.5 billion budget over the next two years and has already had scattered layoffs and suspended some major capital projects. Ms. Lapin said income from the endowment makes up 28% of Stanford's budget, while annual donations comprise only 5%, so "any changes in giving would have little impact on the university's operating budget."