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Historic Drop In Giving To Higher Education
Charitable giving to colleges and universities dipped by historic percentages during 2009, declining 11.9 percent to $27.85 billion, according to the Voluntary Support of Education survey released by the Council for Aid to Education. Endowments took the greatest hit, dropping by 22.3 percent for the year.
In 1975, however, the inflation-adjusted decline (11.6 percent) was slightly larger than in 2009 (11.5 percent). During the past 10 years, contributions to higher education institutions have increased an average of 4.1 percent per year.
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