The state of the economy has hit even the brightest of the bunch.
The Cavalier Daily reports that the Jefferson Scholars Foundation is planning to award fewer scholarships this year as a direct result of the substantial loss the Foundation’s endowment has suffered.
Jefferson Scholars Foundation President James Wright told the Cavalier Daily that the Foundation has entrusted the management of its money to UVIMCO, the company that manages UVA’s money and which is already trying to handle the significant losses of the University’s endowment—more than $1 billion.
“I’m sure [they are] doing everything they can to reduce losses and [make] gains,” Wright said.
Usually, the Jeff Scholars award up to 30 full scholarships to undergraduates. The number of Jefferson Scholarships to be awarded this year will be released on March 1.
The nonprofit is also in the midst of building a new, $21 million-plus Jefferson Fellows Center on the site of the former Beta house.