To the Editor: Anderson et al. (July 18 issue)1 reported that the sale of a teaching hospital to an investor-owned hospital system “will not secure endowments large enough to maintain their societal contributions much beyond the year 2000.” It should be noted that this conclusion is extremely sensitive to the assumptions they used to make the financial projections. Anderson et al. appeared to use the following assumptions: the initial endowment is $170 million; the endowment is invested in a portfolio of AA-rated public utility bonds with a floating rate of return (the actual rates of return were based on forecasts.
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