Hamline: Endowment took a hit

Vice President for Finance Douglas P. Anderson of Hamline University has answered the question by MPR's Tim Post of why Hamline made the feds' list of colleges that received failing financial health grades.

Anderson said in an e-mailed statement that the university "remains financially healthy."

The data is based on the 2008-2009 fiscal year, he said, and so does not reflect Hamline's current condition. It largely reflects the bad economy's impact on Hamline's endowment.

Since then, he said, the university's endowment has rebounded. Fiscal Year 2010 "will be the eighth year in a row Hamline has achieved positive operating performance," and Anderson said he expects Hamline's score to climb to a 2.4, placing the university "a full point above any concern."

He also said the Department of Education will probably review its method for calculating financial responsibility scores "so it more accurately reflects new accounting standards, and the true impact of volatility in the economic market place."

Post is also trying to get comment from the Mayo school and Crossroads.

Gain a Better Understanding of Today

MPR News is not just a listener supported source of information, it's a resource where listeners are supported. We take you beyond the headlines to the world we share in Minnesota. Become a sustainer today to fuel MPR News all year long.