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Donations to universities grew by 8.2 percent in the 2011 fiscal year, but wealthy institutions received the overwhelming majority of gifts.
Institutional endowments for the 2011 fiscal year showed returns similar to pre-recession levels, but many still worth less than in 2007.
University of Virginia's $3 billion fund-raising campaign falls short at deadline, a victim of the economy and overly optimistic ambition.
Cornell is expected to be named today as winner of New York City competition. On Friday, the university announced $350 million gift for effort just after Stanford withdrew.
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