"Feb. 3 (Bloomberg) -- Donations to U.S. colleges and universities fell by 12 percent, the most in at least four decades, as a result of the recession, the Council for Aid to Education said.
Contributions totaled $27.9 billion in the year ended June 30, down from $31.6 billion the year before, according to the report released today. The survey used data from 1,027 colleges."
The nationwide drop in donation revenue, the largest since at least 1969, hurt colleges already suffering from investment losses and pressure to moderate tuition increases, said Ann E. Kaplan, the survey director. Companies, foundations and alumni had less capacity to give, she said. With the economy and equities doing better this year, colleges now may see a recovery in donations, Kaplan said.
Contributions totaled $27.9 billion in the year ended June 30, down from $31.6 billion the year before, according to the report released today. The survey used data from 1,027 colleges."
The nationwide drop in donation revenue, the largest since at least 1969, hurt colleges already suffering from investment losses and pressure to moderate tuition increases, said Ann E. Kaplan, the survey director. Companies, foundations and alumni had less capacity to give, she said. With the economy and equities doing better this year, colleges now may see a recovery in donations, Kaplan said.