With a rate of return on investments near the top among all university endowments and new investments through the Victors for Michigan fundraising campaign, the value of the University of Michigan’s endowment climbed to $11.9 billion, $1 billion more than a year ago.
To the Editor,
University of Michigan Regent Andrea Fischer Newman shared this additional statement following the publication of a story today in the Detroit Free Press:
University of Michigan leaders are reaffirming support for the university’s investment practices while refuting new claims by the Detroit Free Press that imply wrongdoing on the part of the university and its regents in regard to interactions with university donors.
The University of Michigan has in place a meaningful series of controls for its investment functions, a conclusion that is based in part on a review of specified non-financial investment functions performed by accounting firm PricewaterhouseCoopers.