The Associated Press

COLUMBUS - Declining stock prices are hurting many of Ohio's small private colleges, many of which have come to rely on income from investments set aside for them by donors.

Some schools are cutting budgets and rethinking investment strategies because their endowments have been reduced as the stock market retreated after the bull market in the 1990s.

"We're quite worried, obviously, about how much longer this will last," said Andrew Evans, vice president for finance at Oberlin College.

In two years, the value of its endowment fell by $91 million to $519 million.

Oberlin and many other independent colleges depend more on endowment funds to operate than public universities, which receive tax dollars.

About one-fourth of Oberlin's $150 million budget comes from its endowment. By comparison, Ohio State University's endowment accounts for less than 2 percent of its budget.

Mr. Evans said Oberlin cut 78 positions a year ago and reduced departmental budgets by 20 percent this year. Other budget-related moves - including eliminating the option to pay tuition with a credit card, a $200,000-a-year cost to the university - are projected to save $9 million.

There will be fewer social events for students and less traveling for staff members at the College of Wooster as it looks for ways to make up a $1.3 million deficit. Last year, 31 jobs were eliminated.

Ohio Dominican University is delaying purchases, cutting back on publications and holding off buying new equipment.

President Jack Calareso said Ohio Dominican is considering changing its investment strategy after losing about 6 percent of its endowment - now at $12 million - in the past two years.

Some schools acknowledge that the bull market that lasted for most of the 1990s spoiled them.

Colleges that don't depend as heavily on endowments have fared better in recent years. Otterbein College, in Westerville, draws 3 percent of its $48 million budget from its endowment and avoided cuts.