"Spectacular error" sounds euphemistic compared to "devastating," "catastrophic," or "meltdown"--terms more commonly summoned to describe the credit crisis and ensuing global economic carnage. Whatever they are labeled, gross miscalculations on Wall Street are having a deleterious effect on college campuses across the country, with many…

Offers guidance for a college or university's investment committee on management of endowment funds. Considers traits of a good committee, the importance of long-term planning, the role of consultants, the important role of the committee chair, and the need to monitor professional managers' performance. (DB)

Discussion of endowment management for colleges and universities focuses on common endowment problems and common investment mistakes. Recommendations for boards of trustees include development or revision of written rules governing the structure of the investment committee; hiring or expanding investment staff and specialized consultants; and…