By Aleysha Haniff
Ryerson’s endowment fund has surged to pre-recession levels thanks to some generous donors.
“We lost about 16 per cent on the endowment,” said Adam Kahan, vice-president university advancement, referring to early 2009.
“In the meantime, however, we were continuing to get new contributions, new gifts,” he said.
Combined with an improved market, the endowment hit a rolling average of $80 million as of the end of 2009.
Money donated to the endowment fund is invested and the interest made off of it is used to finance a number of ongoing projects including scholarships, bursaries and endowed chairs.
Kahan said the improvement was more due to new donors giving money to Ryerson than any changes in the market.
“There are numbers of donors who recognize, particularly in times of difficulty, what the value of their support can mean,” he said.
According to Kahan, Ryerson has the fastest growing endowment fund in the country, growing by about 400 per cent over the past six years.