The pool of money that colleges and universities across Michigan use to fund scholarships and pay for operations grew in 2011, an event that administrators said was driven by resurgent financial markets and wise investment decisions.
Endowments, financial gifts to universities that administrators invest in various markets, showed significant growth at Grand Valley State University, Ferris State University and Hope College, according to a study from the National Association of College and University Business Officers.
“The main factor is that the financial markets in general for that 12 month period had very strong returns,” said Brian Copeland, associate vice president for Business and Finance at GVSU.
GVSU’s endowment grew by 22 percent from 2010 to 2011, bringing its market value to $74.1 million, the study shows. Of the 25 Michigan colleges and universities included in the study, Central Michigan University saw the biggest percent increase in its endowment value --- 27.9 percent.