NEW HAVEN, Conn. (AP) _ An investment fund that serves about
1,000 colleges and private schools has partially frozen withdrawals
amid the nation's credit crunch.
That move is forcing many schools and colleges to develop new plans to pay bills.
Wachovia Bank is the trustee for a $9.3-billion Short Term Fund offered by Commonfund, a Connecticut-based nonprofit that advises colleges and schools on money management. Wachovia announced plans this week to terminate the fund and establish a process to ensure the orderly liquidation and distribution of the fund's assets.
Assumption College in Massachusetts is among those affected by the changes. The school had about $20 million in the fund, and has been able to get back about a third of that. The school's treasurer says the changes have been ``a tremendous inconvenience'' and ``quite a shock.''
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.