Trustees announced that GW’s endowment dropped $200 million this quarter at a meeting held in a hybrid capacity Friday, with the Board of Trustees chair condemning “attacks of vandalism” that some trustees experienced last week.

Board Chair Grace Speights said there are “real and complex” issues and tragedies confronting the world, but they will not be addressed through “destructive activities” that “threaten individual safety,” pointing to a University release last week that expressed concerns about reports of pro-Palestinian demonstrators spray-painting outside the homes of several trustees and distributing letters about the University’s alleged role in the war in Gaza to their neighbors. Trustee Michelle Rubin also said the University’s endowment stands at $2.6 billion as of June 30 — $200 million less than trustees’ last report in May, returning GW’s financial foundation to the level it stood at the end of 2023.

“This type of behavior undercuts meaningful and productive dialog and stands in stark contrast to our community values,” Speights said.

Trustees held Friday’s meeting, the first public Board meeting of the 2024-25 academic year, in a hybrid capacity and in an undisclosed location. Some members including Rubin and Donna Hill Staton delivered their reports in person, while others like Charles Bendit and Judith Lane Rogers joined virtually.

About 40 pro-Palestinian protesters gathered outside of the University Student Center, where trustees typically hold their meetings, on Friday, protesting GW’s decision to not divest from companies that supply arms to Israel. University spokesperson Julia Metjian said deans, the Board observers, like the Student Government Association president, Staff Council president and other senior officials, were invited to participate virtually Thursday before officials moved the meeting location officially.

The DMV Students for Justice in Palestine Coalition announced on Instagram on Wednesday night that they would protest the meeting.

She said officials moved the meeting to another space to limit any disruption to the “academic operations” and “student experience” in the student center. Metjian declined to say where the Board meeting was held.

At the meeting, Speights thanked GW Police Department Chief James Tate and the Metropolitan Police Department for their ongoing work to identify the individuals involved in the “attacks of vandalism.” University President Ellen Granberg said in her presidential report that if the perpetrators are identified, officials will take “all appropriate steps” available in accordance with all applicable local laws and University policies.

Rubin, who gave Board Secretary Ave Tucker’s Committee on Finance and Investments report because he was absent from the meeting, said the University’s endowment now stands at $2.6 billion, but GW’s financial performance and liquidity positions remain strong, “especially” relative to GW’s peer institutions.

A drop in endowment means the University’s pool for endowed professorships, scholarships, research and facilities has shrunk, but the University’s endowment has grown exponentially in recent years. In March 2021, the endowment sat at $1.803 billion and increased by $1 billion by May 2024.

“Despite continued uncertainty in the markets, GW’s pooled endowment has outperformed the benchmarks,” Rubin said, but she did not discuss the endowment drop or specify what caused the fall.

The Student Coalition for Palestine at GWU has increased calls for officials to disclose all externally funded research and investments that are processed through Strategic Investment Group, which handles GW’s pooled endowment — which officials have repeatedly declined.

Charles Bendit, who chairs the Committee on Audit and Compliance and joined the meeting virtually, said the committee met with GW’s accounting firm, Grant Thornton, LLP, who said there were no significant risks or exceptions in the GW’s audit procedures. Bendit said Grant Thorton intends to deliver the highest level of opinion they issue, in line with previous years.

Bendit also said Grant Thorton provided the committee with a summary of changes to Department of Education regulations, which will require GW to disclose all “related party” transactions for institutions receiving Title IV funding, with related parties defined as those who “manage the University and their families.” He said this information will be included in the “financial responsibilities schedule.”

Bendit did not specify which specific Department of Education changes are influencing the policy or when these changes will be enacted.

“I find this to be quite troubling, by the way,” Bendit said.

SGA President Ethan Fitzgerald, who joined the meeting virtually, called on trustees to increase financial transparency surrounding the University’s investments, adding that trustees should be “proud” and “socially conscious” with their investment strategies.

He also asked trustees to explain why GW’s real estate acquisitions are “more in the interest” of the community than other investments. GW’s real estate investments have grown significantly over the past decade, with officials investing $634 million in real estate in fiscal year 2014 compared to $1.125 billion in FY2023.

“Students don’t understand why our facilities are lacking when GW keeps buying new real estate properties, and I think that’s a perspective that we need to be cognizant of,” Fitzgerald said.

He said student organizations are underfunded by “millions of dollars” which significantly impacts community building at GW.

Student organizations requested more than $1.3 million from the SGA for the fall semester, but the SGA Senate allocated about $241,000 to the organizations.

“With your investment decisions, we can expand community at GW and make this a more welcoming community for all,” Fitzgerald said.

Faculty Senate Executive Committee Chair Ilana Feldman, who also joined the meeting virtually, said shared governance  — the participation of faculty, students and staff in decision-making — is still a “matter of concern” for faculty senators.

She updated trustees on a resolution passed at the September meeting, which defined the term “consultation with the faculty” on University policy as ensuring that there is “adequate” time for officials to consult members of the senate and committees on proposed policies.

Feldman also said the senate’s Educational Policy and Technology Committee identified areas that members believe demand consideration in the strategic framework planning process, including expanding opportunities for first-year students to meaningfully interact with faculty, considering if the University Honors program should be reimagined to be more “future focused” and working toward meeting full demonstrated financial need for students. 

Officials announced themes of focus when shaping the strategic plan, including advancing interdisciplinary research and increasing global perspectives among students, on Thursday. A committee of mostly faculty will review research to develop the plan this fall before a steering committee will produce a final report for trustees’ approval prior to implementation in spring and summer 2025, according to the announcement.

Alumni Association President Max Gocala-Nguyen, who joined the meeting virtually, said the association has reached “significant milestones” relating to alumni engagement, adding that they have engaged more than 84,000 alumni and exceeded their goal of 80,000. He said the body has raised $13.6 million in annual giving, surpassing the target of $12.95 million.

He said the association has reached more than 18,000 donors, exceeding their goal of 17,500, and received a 69.3 percent retention rate, above the 63 percent target.

Staff Council President Bridget Schwartz said the council recently released the survey results from the body’s monthly surveys, which show that most respondents commute more than 40 minutes each way to work, with most using more than one method of transportation.

She said just under half of surveyed staff indicated that they have never used tuition benefits — which allow staff and their family to enroll at GW at a lower cost — due to lack of time and support from their leadership, adding that one-third of staff members have an additional job.

She said the council identifies signs that staff are facing burnout, with more than two-thirds of respondents reporting that their offices are understaffed and more than half working more than 40 hours a week to perform their jobs.

“A significant number of staff find their workload unmanageable, feel exhausted or drained after work and report feeling negative or cynical about their jobs,” Schwartz said.

Fiona Riley contributed reporting.