College fund frozen | The Burlington Free Press

College fund frozen: The Burlington Free Press: “The national turmoil in credit and banking industries has trickled down to Vermont’s institutions of higher education.

“A short-term investment fund that the University of Vermont, Middlebury College and St. Michael’s College have used to pay operating expenses was partially frozen Monday, forcing these institutions to draw on other cash sources for payroll and other needs. This fund is one of several managed by Commonfund, a firm that manages investments for colleges, universities and other nonprofits across the country.

[. . .]

“Middlebury College had $9 million in the short-term fund, said Patrick Norton, chief financial officer, who also called the restrictions ‘an inconvenience,’ and said the college has other cash sources and would be able to weather the situation. ‘The impact on us is minimal,’ said college spokeswoman Sarah Ray.”