He added that the school raised $22 million last year and “did not spend a penny from its $65 million endowment to operate, ending 20 years of draws in excess of a five percent target."
Meanwhile, Dowling’s creditors wait to see what happens with the endowment, and if it’s relatively tiny, its importance looms large to them.
"I billed them, they never paid, then I hear they go under,” said Alex Cruz, owner of AE Auto Service in Long Island.
His bill for a tire service and inspection is less than $40.
This article was provided by Bloomberg News.