Prospective students tour Georgetown University’s campus in Washington in 2013. AP Photo/Jacquelyn MartinTodd L. Ely, University of Colorado DenverWith the Trump administration seeking to cut federal funding for colleges and universities, you might be wondering whether the endowments of these institutions of higher education might be able to fill those gaps. Todd L. Ely, a professor of public administration at the University of Colorado Denver, explains what endowments are and the constraints placed on them.
What’s an endowment?
Endowments are pools of financial investments that belong to a nonprofit. These assets produce a revenue stream, typically from dividends, interest and realized capital gains. The funds endowments hold usually originate as charitable donations made to support an institution’s mission. In most cases with higher education endowments, this wealth, which helps buoy a nonprofit’s budget, is supposed to last forever. Contributions to endowments are tax-deductible for donors who itemize their tax returns. Once these funds are invested, they grow generally tax-free. But beginning in 2018, the federal government imposed a 1.4% excise tax on dozens of higher education institutions with relatively large endowments. Few colleges or universities have a single endowment fund. That’s because the donors who provide gifts large and small to the school over the years direct their donations to different funds reserved for specific purposes. Harvard University’s endowment, worth $53.2 billion at the end of its 2024 fiscal year, for example, consists of roughly 14,600 distinct funds. All told, money distributed from endowments covered more than 15%, on average, of college and university operating expenses in 2024. Some of America’s institutions of higher education, however, lean much more heavily than that on their endowments to pay their bills.People pose for photos in front of the iconic Tommy Trojan statue on the campus of the University of Southern California in Los Angeles in 2019.AP Photo/Reed Saxon
How do endowments influence higher education?
Endowments can serve multiple purposes. In 2024, nearly half of all higher education spending paid for with endowment revenue funded scholarships and other kinds of aid for students, while almost 18% supported academic programs. Just under 11% paid for professors’ compensation, and almost 7% helped pay for running and maintaining campus facilities. More broadly, endowments can help shield schools from financial hardships and maintain their long-term reputations. When they’re set up to carry on in perpetuity, endowments must benefit both current and future generations. So when donors give to an endowment, they are arguably investing in the long-term viability of the institution. This long-term focus suggests that endowments aren’t just rainy-day funds or financial reserves.
Why can’t endowment funds be spent freely?
At the end of the 2023 fiscal year, U.S. higher education endowments held a total of more than $907 billion. That is a lot of money, but it’s still less than the combined wealth of America’s five richest people. Like individual wealth, endowment assets are heavily concentrated in the U.S. Many colleges and universities have small or no endowments. Nearly 60% of them total less than $50 million. The top 25, which includes several public universities in states such as Michigan and Texas, account for more than half of all endowment assets. And even when schools have large endowments, the individual funds that compose them are bound by a wide array of restrictions. Some of that money can be spent however the school would like. Other funds are dedicated to a clearly defined purpose. When endowment funds are restricted, the school gets little discretion in how to spend them. At Harvard, for example, there’s a Hollis Professorship of Divinity at Harvard University. It was established in 1721 through a gift from a London merchant. Based on the terms of that long-ago donation, the earnings and growth of the donated funds continue to honor the donor’s intent by supporting the position, regardless of what the university needs. Alternatively, endowments may receive donations that are temporarily restricted. Known as “term” endowments, the assets they hold can be used once donor-imposed conditions are fulfilled. Institutions frequently designate some of their unrestricted funds as “quasi” endowments, usually earmarked for specific strategic purposes. This board-designated quasi-endowment does not carry legal restrictions and can be spent more freely. About 40% of higher education endowment assets are subject to permanent restrictions, 30% are temporarily restricted, and 29% are reserved for quasi-endowment use.People walk past the Ray and Maria Stata Center on the campus of the Massachusetts Institute of Technology in 2019.AP Photo/Steven Senne
How are decisions over endowment funds made?
The decision-making authority over endowments typically rests with a college or university’s governing board. Those boards establish endowment payout policies that guide how much of the endowment and its earnings can be spent each year, while attempting to preserve the purchasing power of the investments over the long term. The policies take expectations regarding investment earnings and inflation into account, while smoothing annual payouts by using a percentage of the value of the endowment over multiple years as opposed to a single point in time. This payout tends to amount to about 5% of all assets. That share averaged 4.8% in 2024. U.S. institutions of higher education spent nearly $35.5 billion derived from their endowments in the 2023 fiscal year. Colleges and universities that depend more heavily on their endowment funds to cover their current obligations may choose to invest more conservatively. In recent years, many higher education endowments have obtained more complex investments, such as private equity, real assets and stakes in hedge funds. Endowments of nonprofit colleges and universities are also governed in most states by a state law known as the Uniform Prudent Management of Institutional Funds Act. This law encourages cautious investments and restrained spending. These restrictions mean that annual payouts are generally modest. That leaves endowments ill-equipped to respond to abrupt and large shifts in their funding needs. The John F. Kennedy School of Government, commonly referred to as Harvard Kennedy School, is a member of The Conversation U.S.Todd L. Ely, Associate Professor of Public Administration; Director, Center for Local Government, University of Colorado Denver This article is republished from The Conversation under a Creative Commons license. Read the original article.
Veteran actor T.K. Carter, best known for his roles in The Thing and the popular 1980s television series Punky Brewster, has died at the age of 69.
Authorities confirmed Carter was found unresponsive at his home in Duarte, California. No foul play is suspected, and an official cause of death has not yet been released.
A Career Spanning Decades
Born Thomas Kent Carter, T.K. Carter built a career in film and television that spanned more than four decades. He became a cult favorite portraying Nauls in John Carpenter’s 1982 horror classic The Thing, a film that continues to influence the genre today.
Television audiences widely remember Carter for his role as Mike Fulton on Punky Brewster, where his comedic timing and grounded performances helped make the show a lasting favorite of the era.
Film and Television Legacy
In addition to his best-known roles, Carter appeared in films such as Runaway Train, Ski Patrol, and Space Jam. His television work included guest appearances on a wide range of series throughout the 1980s, 1990s, and beyond.
Known within the industry as a reliable and versatile performer, Carter often brought authenticity and warmth to supporting roles that left a lasting impression, even in brief appearances.
Remembering T.K. Carter
As news of his passing spreads, fans and colleagues alike are reflecting on T.K. Carter’s contributions to film and television. While he may not have always been the leading name on the marquee, his work helped shape stories that continue to be watched and appreciated by new generations.
T.K. Carter is remembered for his enduring performances, professional dedication, and the quiet but meaningful legacy he leaves behind.
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Gregory Outreach Services Expands Food Access with Addition of Third Refrigerated Van
Gregory Outreach Services expands its mission to fight food insecurity with the addition of a third refrigerated van, doubling food access for low-income seniors and veterans in Phoenix.
Gregory Outreach Services’ newest refrigerated delivery van expands food access for low-income seniors and veterans across Phoenix.
Phoenix, AZ — Gregory Outreach Services has taken a major step forward in its mission to fight food insecurity with the addition of a third refrigerated delivery van, significantly expanding its capacity to serve low-income seniors and veterans across the Phoenix area.
The new refrigerated van was made possible through the support of a generous anonymous donor. The expansion is further strengthened by the continued generosity of the BHHS Legacy Foundation, who donated fresh produce to support the organization’s growing distribution efforts.
As rising food costs and inflation continue to place pressure on individuals living on fixed incomes, the need for reliable access to nutritious food has never been greater. This latest addition to the organization’s mobile fleet allows Gregory Outreach Services to double the number of individuals served, while maintaining strict food safety and quality standards.
“As the cost of living continues to rise, more seniors and veterans are struggling to afford nutritious food,” said Diana Gregory, Founder and CEO of Gregory Outreach Services. “This van allows us to bridge a widening gap for individuals living on fixed incomes, many of whom face mobility challenges and limited access to fresh food options.”
Meeting a Growing Community Need
Gregory Outreach Services works directly with seniors and veterans who are disproportionately affected by inflation, medical expenses, and transportation barriers. For many, simply reaching a grocery store can be a challenge. Refrigerated vehicles are essential to ensuring that fresh fruits and vegetables arrive safely and consistently at senior housing communities, veteran shelters, and community distribution sites.
“This third van complements the two already in operation and represents a critical milestone in our growth,” Gregory added. “We are deeply grateful to our anonymous donor for investing in our mission, and to BHHS Legacy Foundation’s Board of Directors and its CEO, Jerry Wissink for Legacy’s generosity in donating fresh produce. Together, this support allows us to scale our impact and respond to the increasing needs of our community.”
Expanding Impact While Preserving Dignity
With an expanded fleet and increased food supply, Gregory Outreach Services is better positioned to address food insecurity, promote healthier outcomes, and serve seniors and veterans with dignity, respect, and care. The organization’s mobile delivery model ensures help reaches those who need it most — directly and reliably.
About Gregory Outreach Services
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Gregory Outreach Services is a nonprofit organization dedicated to improving health outcomes for low-income seniors and veterans through mobile produce delivery, nutrition education, and community-based wellness programs. By bringing fresh food directly to those most in need, the organization works to reduce food insecurity and strengthen community wellness.
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How Bird Flu Upended the U.S. Egg Market — and Why Prices Are Finally Beginning to Stabilize
Egg Market: Egg prices surged during the U.S. bird flu outbreak as laying hen inventories collapsed. Here’s how flock recovery is helping stabilize egg prices today.
How Bird Flu Upended the U.S. Egg Market — and Why Prices Are Finally Beginning to Stabilize
Few grocery items frustrated American consumers over the past two years quite like eggs. Once an inexpensive staple, egg prices surged to historic highs following a prolonged outbreak of highly pathogenic avian influenza (HPAI), commonly known as bird flu. Today, however, prices appear to be stabilizing. Here’s how the crisis unfolded — and why relief is finally showing up at the checkout line.
The Bird Flu Crisis and Its Impact on Egg Supply
Beginning in 2022, the United States experienced one of the most severe bird flu outbreaks in modern history. The virus spread rapidly through poultry farms, forcing producers to cull millions of birds to prevent further transmission. Egg-laying hens were hit especially hard, leading to a sharp drop in egg production nationwide. By 2024 and into early 2025, the cumulative losses totaled well over one hundred million birds. With fewer hens producing eggs, supply tightened dramatically, and prices soared. At the peak of the crisis, consumers in some regions saw egg prices climb above six dollars per dozen.
Why Egg Prices Stayed High for So Long
Unlike other agricultural products, egg production cannot rebound quickly after a disruption. When laying hens are lost, they must be replaced with young birds known as pullets. These pullets require approximately four to six months to mature before they begin producing eggs. Even after farms were cleared to restock, producers faced additional challenges. Strict biosecurity measures, concerns about reinfection, and the logistical complexity of rebuilding flocks slowed the recovery process. As a result, egg supplies remained tight long after the initial outbreaks subsided.
Laying Hen Inventory Recovery Takes Shape
By mid to late 2025, signs of recovery became more apparent. Producers gradually increased pullet placements, and national laying hen inventories began to grow. While the total number of hens had not yet returned to pre-outbreak levels, the upward trend marked an important turning point. This steady rebuilding of flocks meant more eggs entering the supply chain. Wholesale markets responded first, with prices easing as inventories improved. Retail prices soon followed, signaling that the worst of the supply shock was beginning to fade.
Egg Prices Begin to Stabilize
As laying hen inventories recovered, egg prices moved away from their record highs. By late 2025 and into early 2026, prices at many grocery stores had fallen noticeably compared to peak levels. While costs remain somewhat higher than pre-pandemic norms, the extreme volatility seen during the height of the bird flu crisis has largely subsided. Additional factors also helped stabilize the market. Federal and state efforts to strengthen biosecurity, limited egg imports to supplement domestic supply, and improved disease monitoring all contributed to a more balanced egg market.
What This Means for Consumers
For consumers, the stabilization of egg prices offers a welcome sense of normalcy. Shoppers are less likely to encounter sudden price spikes, and eggs are once again becoming a predictable part of grocery budgets. While prices may not return to the ultra-low levels seen years ago, the recovery of laying hen inventories suggests that the egg market is on firmer footing. Continued vigilance against future outbreaks will be critical, but for now, the outlook is far more stable than it was during the height of the bird flu crisis.
Looking Ahead
The bird flu outbreak served as a reminder of how vulnerable food systems can be to disease disruptions. Thanks to gradual flock rebuilding and improved supply conditions, egg prices are stabilizing — a sign that recovery, while slow, is real. If current trends continue, consumers and producers alike may finally be moving past one of the most turbulent chapters in the modern egg market.
Dive into “The Knowledge,” where curiosity meets clarity. This playlist, in collaboration with STMDailyNews.com, is designed for viewers who value historical accuracy and insightful learning. Our short videos, ranging from 30 seconds to a minute and a half, make complex subjects easy to grasp in no time. Covering everything from historical events to contemporary processes and entertainment, “The Knowledge” bridges the past with the present. In a world where information is abundant yet often misused, our series aims to guide you through the noise, preserving vital knowledge and truths that shape our lives today. Perfect for curious minds eager to discover the ‘why’ and ‘how’ of everything around us. Subscribe and join in as we explore the facts that matter. https://stmdailynews.com/the-knowledge/
Rod: A creative force, blending words, images, and flavors. Blogger, writer, filmmaker, and photographer. Cooking enthusiast with a sci-fi vision. Passionate about his upcoming series and dedicated to TNC Network. Partnered with Rebecca Washington for a shared journey of love and art.
Todd L. Ely, Associate Professor of Public Administration; Director, Center for Local Government, University of Colorado Denver This article is republished from The Conversation under a Creative Commons license. Read the original article.
