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              THE MAROON A LOYOLA TRADITION SINCE 1923 • "FOR A GREATER LOYOLA, -tl z3 ONLINE EDITION AT LOYOLAMAROON.COM FRIDAY, APRIL 17, 2009 University endowment declines 43.9 percent since summer 2007 By ANDREA CASTILLO SENIOR STAFF WRITER Operating budgets to be ait 10 percent Loyola has lost nearly half of its endowment value since its peak. According to Vice President for Finance and Administration, Jay Calamia, Loyola's endowment value has declined 43.9 percent since July 2007 to February of 2009. In 2007. the endowment was valued at $346 million. In February of 2009 the endowment had dropped to $194 million - a $152 million loss, he said. . Calamia said this loss means Loyola will see three difficult years ahead unless the financial market begins a dramatic recovery. "Loyola's endowment offset the amount of revenue that is needed from tuition and fees to support the university, meaning that if we did not have an endowment, our tuition would have be much higher," he said. According to Calamia. Loyola will have to find new sources of income, increase some existing sources and cut expenses to cover the decline. He said two potential sources of revenue include increasing tuition and fees as well as creating other ways to get and increase revenues Loyola has not done before. For example, he said, the summer school will now offer online courses. Loyola will also have to adjust its spending to accommodate the reduced amount that the endowment will provide, he said. According to Calamia, the University Budget Committee and the president are reviewing the 2009-10 budget to be presented to Funds cut for private education Bγ ANDREA CASTILLO SENIOR STAFF WRITER Funding education seems to be on the front lines when it comes to cuts, and Loyola and other private institutions are suffering. According to Tommy Screen, assistant to the university president for government relations, Loyola won't get money from the state government designated for education for the fiscal year 2009-2010. Screen also said Loyola and other private universities and colleges won't get funding from the Aid to Independent Colleges Program next year, which is state money that Loyola gets on an annual basis to educate Louisiana's citizens. The Louisiana Association of Independent Colleges and Universities and its members — including Loyola, Tulane, Xavier and Dillard universities, among others — are not fighting for the stimulus money but for the money from the Aid to Independent College Program, Screen said. According to Screen, capitation money is exclusively for private institutions and has nothing to do with stimulus dollars. Private institutions are looking for a 100 percent cut by the Governor's budget, he said. However, "capitation itself is a separate pot of money than the higher education budget for public institutions," Screen said. "Capitation" payments are fixed taxes that every citizen must pay. According to Screen, this money has to be appropriated separately through an agency. This process is called "run-through," he said. The state legislature can't offer that money directly to Loyola, Tulane, Xavier or Dillard. Screen said the commissioner of administration, Angelle Davis, who is the governor's budget director and her staff zeroed out all run-through, not only capitation but also public television."What I would say is that they used the blunt instrument for surgical procedure as analogy," he said. Energy conference convenes By JEAN-PAUL ARGUELLO STAFF WRITER Anh "Joseph" Cao made a brief appearance at a town hall meeting on Wednesday evening discussing what legislators are doing to further climate change reform, stop coastal erosion and develop clean energy projects sooner than later. After giving an opening statementstatement and answering one question on whether or not he supported the American Clean Energy and Security Act of 2009, for which congressional hearings will begin next Tuesday, he stated that he had another meeting to attend and rose from his seat. "I am concerned about global warming and I believe that it is an issue that needs to be addressed. ... I can't vote [on] the bill without knowingknowing specific details what position that I'm going to have. But again, I am ... open and I hope the country - that we will reach our goal of being energy independent and to basically have an economy that will encdmpass the green jobs that we basically want," said Cao, right before he said that he must leave to go to another appointment.KEVIN ZANSLER / THE MAROON Louisiana 2nd District Congressman Anh "Joseph" Cao answers a question from Sierra Club representatives at the April 15 global warming town hall forum in Nunemaker Hall. "I am open to options (that provide the) ability for us to progress to green energy," Cao said. Chessman says farewell to Loyola, students By MASAKO HIRSCH ASSISTANT NEWS EDITOR Kupferer also to depart this June Programs. Tom Kupferer, assistant director for co-curricular programs, will be leaving at the beginning of June to pursue a here, but this job at George Mason is going to help me become poised to become a vice president some day." Chessman was persuaded to Hollie Chessman Wants to pursue goal of academic vice presidency Tom Kupferer Plans to pursue a career in medicine see ENDOWMENT, page 3 see FUNDS, page 4 see CLIMATE, page 6 see CO-CURRICULAR, page 4 Late night dining spots &yyUijHl page 11 CORRECTION: In a March 20 issue. The Maroon referred to the campus service organization incorrectly. We should have called them the Loyola University Community Action Program. We at the Maroon regret this mistake. MAROON DIRECTORY: CAMPUS WATCH, page 2 | EDITORIAL, page 14 | LIFE & TIMES, page 11 | SPORTS, page 7 | NEWS TIPS: 865 3535