Pitt's endowment dropped 22 percent this fall

PITTSBURGH - The University of Pittsburgh says its endowment dropped 22 percent this fall.

Chancellor Mark Nordenberg said the university, along with national higher-education associations, would ask to be considered in a government economic-stimulus package.

Pitt's endowment totaled $2.4 billion in the summer; a 22 percent drop would suggest a loss of about $500 million.

Endowments at schools across the country have suffered with the economy. Pennsylvania State University's endowment dropped 20 percent, Yale University's dropped 25 percent, and Carnegie Mellon University's is down about 9.5 percent.

- AP