According to Harvard University’s management company, the total value of Harvard’s endowment dropped nearly 30 percent in the last fiscal year as the institution’s portfolio dealt with the worldwide recession. On June 30, the endowment was valued at $26 billion after distributions and donations. At the close of the previous fiscal year, it was valued at $36.9 billion. Harvard has taken a number of actions due to this decline, including the elimination of 275 staff jobs and a freeze on salaries. Harvard Management Company president and CEO Jane Mendillo said its portfolio was impacted by “extreme volatility and financial dysfunction.” However, the long-term performance of the endowment remained strong, with a five-year annualized return of 6.2 percent and a 10-year return of 8.9 percent. The decline was in line with other major universities, and Harvard’s endowment remains significantly larger than any other university. Yale University reported its endowment fell 30.4 percent in June from a year earlier, to $16 billion. Harvard’s endowment distributions in fiscal 2009 amounted to more than one-third of the school’s operating budget.