College and university endowment funds lost an average 6% of their...

College and university endowment funds lost an average 6% of their value in the year ended June 30, 2002, according to a survey by the National Association of College and University Business Officers. Endowments with assets of $1 billion or more had an average investment loss of 3.8% for the 12 months ended June 30; those with assets between $101 million and $500 million lost 6.1%.