Indiana University Foundation Lays Off 18 Staffers
Staffers At Bloomington, Indianapolis Offices Cut
POSTED: 8:46 am EST March 12, 2010
BLOOMINGTON, Ind. -- The Indiana University Foundation has laid off 18 employees from the staff at its Bloomington and Indianapolis offices.Foundation spokeswoman Barbara Coffman said the job cuts were needed because the administration fee it receives has declined along with the market value of its endowment.The foundation's endowment was nearly $1.6 billion two years ago, then fell to $1.1 billion during the stock market decline. The value is now about $1.3 billion.The two foundation offices had 201 employees before Thursday's staff reduction.Coffman said the foundation had previously reduced spending through program cuts and attrition. The job cuts are part of an effort to cut $2.4 million from its $26 million operational budget.The IU Foundation said it ranks among the 15 largest endowments for public universities in the country.
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