College and university endowments made gains in the fiscal year that ended in June, but many are still struggling to make up ground they lost in 2008 and 2009, according to a report released Tuesday.
Data gathered from 823 U.S. colleges and universities show that the institutions' endowments returned an average of 19.2 percent for the 2011 fiscal year, the National Association of College and University Business Officers and Commonfund said. That's up from 11.9 percent in fiscal year 2010.
Still, NACUBO President John Walda said 47 percent of the institutions have endowment market values below what they reported in 2008.
"Even though we had a really great year, many of our institutions are still not at a point where they've recovered in terms of value from the recession," Walda said.