remi nder
fßu
Drop/Add p< eriod ends tomorrow, s o check your courses!
health
sports
North Carolina lifts flu vaccine restrictions
Randolph recovers from mono, readies for more minutes
A
The Ghromcldß ml
"|
TUESDAY, JANUARY 25, 2005
THE INDEPENDENT DAILY AT DUKE UNIVERSITY
Endowments grow 15% nationwide From staff and wire reports University endowments posted strong earnings in 2004, though not enough to make up for losses sustained in previous years or to allow universities to spend the amounts of money they depend on to run their campuses, according to the most recent annual survey conducted by the National Association of College and University Business Officers. Endowments, the financial coffers that support an institution’s financial health and often fund scholarships and some salaries, reeled in an average of 15.1 percent during the 2004 financial year. It was one of the largest average returns since the mid- to late 19905, and it came as a huge relief after declines in 2001 and 2002, followed by only a modest rebound in 2003. Of the 741 participating institutions, 11 lost value, a marked difference from 2003, when almost 300 endowments ended the year with less than they had started with. The survey attributes the positive performance to strong markets in the United States and abroad last year. It notes, however, that when inflation and endowment spending rates are taken into account, the five-year average return of 3.8 percent translates into a decline in endowments’ earning potential over that time. The participating colleges had total assets of $267.2 billion, an average of $361 million per endowment. Duke ranked 16th on the list oflargest university endowments. The University’s endowment grew from $3,017,261,000 in June 2003 to $3,313,859,000 in June 2004—a 9.8 percent increase. Duke ranked between the University of Chicago at 15th and Rice University at 17th on the NCACUBC survey list. Harvard’s $22.1 billion endowment, which grew 17.5 percent in 2004, again made it the wealthiest institution. Georgia Perimeter College was at the bottom of the list with an endowment of $370,000, up from $321,000 in 2003. In the midst of a $l.B billion campaign, the University of North Carolina, Chapel Hill, received $l9O million in grants and donations last year, the most in a single year, helping its endowment grow 20 percent. Other universities, including Brown, Tufts and the University of Michigan, also announced record gifts in 2004, and as the money comes in, it will probably help strengthen their endowments for years to come. But even as their endowments have grown, many public universities say the SEE FUNDING ON PAGE
100thAimiversarv m
6
"I
ONE HUNDREDTH YEAR, ISSUE 80
Wake-up call Turnovers cost Duke first loss to UNC in 12 games by
Paula Lehman
THE CHRONICLE
CHAPEL HILL It was the perfect tragedy: No. 12 UNC (15-3, 3-2 in the ACC) toppled the No. 1 team in the NCAA, which just happened to be its archrival. Monday night Duke (18-2, 4-1)
fell to the Tar Heels 56-51 in its 56 first ACC loss of the season. “The tougher team won,” head coach Gail Goestenkors said. “I thought they played tougher. They were the aggressor.” Although both teams shot poorly from the field in the first half—the Tar Heels at 26.8 percent and the Blue Devils at 16.7 percent—UNC was able to capitalize on Duke’s sloppiness on the offensive end. The Tar Heels accumulated 11 steals in the opening half alone that often converted into transition baskets. “Our quarter-court defense I thought was exceptional,” Goestenkors said. ‘They were scoring in transition and off offensive rebounds so when we had three turnovers in a row, and the turnovers led to lay-ups—they were at half-court—so we couldn’t even get back to play some defense.” Duke failed to maintain control on offense under the defensive pressure of UNC. In three consecutive possessions, Wanisha Smith lost the ball to aggressive perimeter defenders. In all three instances, the Tar Heels were left with a wide open court for easy breakaway layups. With 1:18 left in the first half, UNC had doubled Duke’s score and fiad a commanding 24-12 lead.
DUKE UNC
LAUREN PRATS/THE CHRONICLE
Lea Metcalf and theTar Heels' defensehounded the Blue Devils all night, limiting Duke to 51 points.
SEE UNC ON PAGE 16
Late book orders lead to empty shelves Mingyang Liu THE CHRONICLE
by
As Duke students flocked to the Duke Textbook Store expecting to purchase dozens of books, some found empty shelves where their mandatory readings should have been. Since the beginning of the spring semester, there has been growing dissatisfaction among students and professors for the institutionally owned and operated bookstore, with most complaints related to overpricing and unavailability. “Representatives at the bookstore told me that three of the 12 books that I had ordered had come in and that the remaining nine were on back order,” said Christina Askounis, a lecturer in the University writing program. “I had ordered them before the end of last semester, SEE BOOKSTORE ON PAGE 8
Senior Siyin Tan picks up school supplies at the bookstore in the Bryan Center last week.