are some of the assets managed by DUMAC pension assets of Duke employees? because if these are, these do not count as endowment funds.
Duke is under-endowed, from the standpoint of the percentage of its annual operating budget which is covered by endowment income. This we have heard for years, and it continues to be true / the case.
One of the things brought brightly to the attention of the Duke admin. and Trustees in the strategic plan process was that athletic departments cost money to run. 3 Ivy league schools athletic departments require subsidies of at least $20 million. And, the deficits at such schools do not take into account financial aid/scholarship costs for recruited student athletes. At harvard, 18% of the undergrad student body are recruited student athletes. It is safe to say that most of these student athletes would not have been assured admission to Harvard, Penn, Cornell but for their recruitment. For an apples to apples comparison, one needs to add financial aid costs to the $20 million subsidy. Perhaps the real number is $40 million per year.
Contrast this with Duke, where the current subsidy, decucting all expenses including all athletic scholarship costs, is $5 million.
We have a real bargain being a member of the ACC and playing big time. I believe this is not lost on the admin and Trustees at this point.
Stanford's A Dept endowed its athletic scholarships, and continues to raise (separately from the University) additional endowment funds. Duke was late to make athletic department fundraising a priority. Nan did not make it a priority. So we are way behind.
With the above, Duke could offer the NCAA full allotment of scholarships in every sport, right now, for an additional cost of about $4 million per year. This would bring up our subsidy to $9 million.
If you check the NCAA allotted schollies in each sport, you will find that limits are slanted toward equalization outside of Football. Women's b-ball gets more than men, women's track more, women's swimming more. At Duke presently, wrestling gets none, men's track virtually none, men's swimming none, fencing none. Before adding softball or other sports, Duke might just bring all sports up to the NCAA allowable limits. Women would still be awarded more schollies a year than men (even counting Football) and we would be way in compliance with Title IX. I am all for adding sports, but right now we are in need of many more scholarships for what we offer, and our football and basketball venues are slated for some major redos.
All that said, I am not so sure that we needed a White to get done what Duke needs to get done. I listened to the press conference. When he emphasized as the 3 most important things compliance, I thought, "What did we need to hire this guy for?" We have a great compliance function. What we do need is tremendous fundraising, and I am not convinced he was the best person, under the circumstances.