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University Daily Kansan
5
Endowment investments 'safe' despite market drop
Although the University of Kansas Endowment Association has approximately three-fourths of its total assets invested in stocks on a market that is now at an 12-year rate, some cutbacks or hardships are expected as an endowment Association spokesman.
The spokesman, Irvin Youngberg, said recently that the current market value of stock equities in the KU Endowment portfolio was down 12.1 per cent from cost.
Youngberg has handled the books for the
last 15 years as secretary for the Endowment Association until his recent retirement to another position. He has been replaced by Todd Seymour.
The effect of falling stock prices only psychologically hurts the Endowment Association, Youngberg said, because the association's losses are only on pane.
More than $31 million of the association's $44,703,263.95 is invested in major stock holdings in oil, utilities and natural resources, he said. This is an increase of more than $4 million from last year for the period ending June 30, 1974.
Discrimination charge still waiting decision
Materials detailing recent complaints or affirmative action violations had yet to be received last night by the chairman of the Academic Affairs Affirmative Action Committee.
Wilner outlined charges in a 12-page letter sent Sept. 27 to Chancellor Archie R. Dykes. She claimed that the political science department had violated affirmative action procedures and had discriminated against the only woman member of the department. Willner is the only woman member.
Shankel didn't deny yesterday that several leaves of absence taken by Willner could have had an effect on her rate of salary increase.
Joseph Pichier, chairman of the committee, did confirm that he had received a letter yesterday from Del Shankel, executive vice chancellor, stating that complaints by Ann R. Willner, state political science, had been referred to the Academic Affairs Affirmative Action Committee.
"Every investment portfolio in the country has suffered," he said. "In view of depressed security prices, I think our record is good."
The market value of these equities is now about $28 million, Youngberg said.
"I don't know, but it could have been a consideration," he said.
He said that during an "up" market someone who wanted to contribute to an institution could buy a stock, allow it to appreciate, then donate the stock to the institution without having to pay tax on the appreciation.
Although the market value of the association's portfolio has decreased, he havent been able to refinance these stocks haven't been able to refinance these companies on the New York Stock Exchange have reported their best earnings which means that dividend reductions are great.
"prime effect on the national level of philanthropic giving."
For example, he said, if stocks are bought for $1,500 and are donated to a philanthropic institution after they have appreciated to $2,400, the donor won't beTaxed for the $2,400 and receive full credit for the $2,400 donation. However, a "down" market removes this advantage.
Although some traders hope to make a quick "killing" on the stock market, Youngberg all said stocks purchased by the association were first approved by the conservative high-quality investments and conservative high-quality investments were approved, he said.
One of the reasons for optimism, Youngberg said, is the large increases in the market value of real estate. The association owns more than $9 million of real estate in Kansas, including 34,000 acres of Kansas farmland and six office buildings.
Youngberg said the market value of the real estate account had more than doubled, which would offset any losses in the investment account.
Pichler said he would study the
Youngberg said the full effect of this reduction of philanthropy donations hadn't been realized.
Despite the recent Wall Street forcasts of hard times by many economists, Fannie Mae and the association would continue to keep investing in selected stocks as well as real estate.
"Current market values of our farm properties are substantially higher than book values, inasmuch as all of our assets, including real estate and investments, are
"I guess the best thing would have been to sell all of our stocks a year ago and then bought all the farmland we could," he said. "But no one could have foreseen this. The investment in a reputable company is as good an investment as you can make."
Youngberg said the office buildings owned by the association included Kansas Power & Light buildings in Lawrence and Atchison; Glin. L. Parker Hall at KU, which is leased to the U.S. Geological Survey, and the Breedishen Laboratory and the Family Practice Center at the KU Medical Center.
However, the recent Wall Street plunge has had some effect—allthough indirect on the Endowment Association. Youngberg said the depressed market had lqd_a
University Affirmative Action Plan to determine whether Willner's complaints would fall under the jurisdiction of his committee.
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He said no meeting date had been set.
carried at the initial cost or the appraised value at the time of acquisition.” Youngberg said. “The appreciation in land values in the past year or two far exceeds the depressed values of some of the equities in our investment portfolio.”
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Fee policy for use of buildings to be determined this week
A decision will be reached sometime this week on a uniform policy for the use of campus facilities by non-University groups
The decision was to be reached last Thursday but Del Shankel, executive vice chancellor, said the decision had been postponed because of more pressing problems.
The use fee will include the costs of security and opening of a building for an event. The fee may also include costs for maintenance. It is uncertain whether profit-
making groups will be charged more than nonprofit-making groups.
The decision was turned over to the chancellor's office when the University Election Board made its final decision, Emily Taylor, dean of women, said. The committee thought it was more logical that the chancellor's office make the decision, but the university office has dealt with the fees in the past.
Formerly, charges were assessed on an individual basis by the University through the chancellor's office for use of University buildings.
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