Harvard endowment takes huge hit

AP reported today that Harvard’s endowment took a significant hit in the past four months, loosing more than 20% of its value, or roughly $8 billion.  They are also expecting a further 10% drop by next June.  Many organizations with endowment funds will likely show similar drops.  This will  create many challenges for institutions and organizations that rely heavily on these funds.  Probably, there will also be cutbacks in philanthropic grant funding as well.  Tighten your belts everyone.