With the fiscal year ending Tuesday, association officials are predicting investments will be about negative 20 percent when the final accounting is completed later this year.
Dale Seuferling, president of the association, said the downturn on Wall Street was broad enough to effect every asset class this year.
If the forecast is accurate, the losses would be well below the Endowment Association's average rate of returns. For the previous
three years, the association's long-term investment program averaged a growth rate of 9.7 percent, and since 1988 it has averaged a 10.3 percent growth rate.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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