The University of Pittsburgh's Daily Student Newspaper

The Pitt News
The University of Pittsburgh's Daily Student Newspaper

The Pitt News
The University of Pittsburgh's Daily Student Newspaper

The Pitt News
Students study outside on Soldiers and Sailors Lawn in April.

Pitt Office of Finance publishes ESG report for fiscal year 2023

By Jordan Kooper, Staff Writer • May 29, 2024
The University of Pittsburgh’s Office of Finance released its Consolidated Endowment Fund Environmental, Social and Governance report for fiscal year 2023 on May 7. The update details the CEF’s current investment into fossil fuels and the University’s plan to phase out these investments within the next decade.
The Cathedral of Learning seen from Schenley Plaza.

Pitt endowment’s first ESG report ‘being finalized’

By Jon Moss, Editor-in-Chief • February 10, 2022
The first Environmental, Social and Governance report for Pitt’s $5.7 billion endowment is “in the process of being finalized,” officials said Wednesday.
Pitt announced Thursday that Jeffer Choudhry will serve as the University’s new chief investment officer.

Pitt names Jeffer Choudhry as new chief investment officer

By Martha Layne, News Editor • January 20, 2022
Pitt announced Thursday that Jeffer Choudhry will serve as the University’s new chief investment officer, responsible for managing the roughly $5.6-billion Consolidated Endowment Fund.
The committee approved a flat distribution rate from the University’s endowment this year in the wake of the COVID-19 pandemic.

Endowment distribution to remain the same for 2022 fiscal year

By Natalie Frank, News Editor • June 15, 2021
The Investment Committee of Pitt’s Board of Trustees voted at a public meeting Thursday morning to keep the spending policy and distribution from the University’s endowment funds the same in the 2022 fiscal year.
The Fossil Free Pitt Coalition held a sit-in in the Cathedral Learning in February to demand the board of trustees divest from fossil fuels.

Pitt quietly releases socially responsible investment criteria

By Jon Moss, Editor-in-Chief • June 16, 2020
Pitt quietly released a socially responsible investment policy statement in March, delivering another win to student activists pushing for fossil fuel divestment and endowment transparency.
The investment committee of the board of trustees met Tuesday via Zoom.

Board committee approves flat endowment distribution rate

By Jon Moss, Editor-in-Chief • June 16, 2020
Pitt will not increase the payout from its endowment for fiscal year 2021, a board committee unanimously voted Tuesday.
Chancellor Patrick Gallagher said he would not favor using the University endowment as a reserve to pull cash from and stave off budget cuts.

Op-ed | Leaving the endowment alone during the crisis is the right call

By Ilia Murtazashvili, Associate professor of public policy • June 2, 2020
There are several reasons why the chancellor’s call is the right one.
At last count, Pitt’s quasi-endowment was $2.6 billion and could be used to cover potential budget cuts resulting from the COVID-19 pandemic.

Op-ed | Pitt can and should use its endowment to get us through this crisis

By Tyler Bickford, Associate professor of English • May 26, 2020
Not to mince words: it is wrong that the Chancellor, who received a $669,738 base salary this year, would use sympathetic students as an excuse not to protect the jobs of the faculty and staff who support those students, often for wages less than one-twentieth of his.
Pitt’s budget, which reached nearly $2.4 billion in fiscal year 2020, is composed of three separate, smaller budgets.

Pitt’s budget and endowment, explained

By Jon Moss, Editor-in-Chief • May 22, 2020
Pitt’s budget, and the process to craft it, is full of jargon and specialized terminology. This guide attempts to explain how the annual University budget is put together, as well as the different pieces that compose the budget and endowment.
Pitt's CFO Arthur Ramicone will retire in 2018. (Photo courtesy of the University of Pittsburgh)

Pitt announces long-time CFO’s retirement

By John Hamilton | Managing Editor • February 20, 2018

Pitt’s chief financial officer and senior vice chancellor, Arthur Ramicone, will retire in August after a 30-year career at Pitt, the University announced Tuesday. Ramicone, 64, is the second senior...

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