University drew from endowment to resolve $94 million deficit Joshua Irvine and Danny Vesurai, Daily Northwestern

Northwestern drew $100 million from its endowment to resolve the $94 million budget deficit from fiscal year 2018, Provost Jonathan Holloway told Faculty Senate on Wednesday. The move broke from the University’s typical 5 percent annual draw from the endowment, increasing it to a 6 percent draw, said Craig Johnson, the senior vice president for business and finance. The University generally avoids pulling more than 5 percent of its endowment, he added, calling continued spending above this level “unsustainable.” The deficit first became public when Holloway announced it at a January 2018 Faculty Senate meeting. At the time, the deficit was estimated to be between $50 million and $100 million. Estimates during the winter and spring approached $130 million, but has since stabilized to give a more positive financial outlook. https://dailynorthwestern.com/2019/01/17/lateststories/university-drew-from-endowment-to-resolve-94-million-deficit/