Duke's endowment fund—which saw a 12.7 percent growth last year—was one of the topics covered at the Board of Trustee's fall meeting Saturday.
Overseen by DUMAC, Inc.—the professional organization that manages the University's investments, including employees’ retirement pool and its health system's investments—the endowment's value was $4.4 billion in 2009, $7.3 billion in 2015 and $6.8 billion in 2016. The University's operating budget, which covers financial aid, professorships and construction, will receive $534 million from the endowment, which sits at $7.9 billion as of June 30.
Michael Schoenfeld, vice president for public affairs and government relations, said that the endowment's growth could be credited to a strong market, gifts from the Duke Forward campaign and "wise investment" from DUMAC.
Schoenfeld noted that about 90 percent of trustees—including the six new members that joined July 1—attended the meeting. Apple CEO Tim Cook, however, was not present.
The Board also discussed the undergraduate residential experience with Larry Moneta, vice president for student affairs, and Steve Nowicki, dean and vice provost for undergraduate education. President Vincent Price remarked that the move from East to West Campus is important transition to be examined, but that it is also important to maintain the positive experience students currently have at Duke.
The Board also received updates on Duke Kunshan University, including the recruitment processes for faculty and students. Price said that DKU's faculty positions saw a lot of interest. Of the 23 positions offered, 22 have already been accepted.
However, there's still quite a few administrative steps before the student recruitment process is finished, he noted. The first set of DKU undergraduates are set to enroll in the Fall 2018 semester, ultimately becoming the Class of 2022.
Price also briefly touched on his recent inauguration and PricePalooza.
"To say that I had fun would be an understatement," he said.
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