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Fargo, N.D. (AP) North Dakota university endowments have taken a hit from the stock market, and officials say major donors may be more hesitant to promise big gifts.

The North Dakota State University Development Foundation has been paying out 4 percent of its endowment to the university. For the current academic year, that meant $2.7 million, including $1.6 million for student scholarships.

The foundation's executive director, Jim Miller, says he's not sure how much will be available for scholarships in the next academic year. Last year, the foundation's endowment lost $7.7 million, or more than 25 percent of market value, through the fiscal quarter that ended Sept. 30. Year-end figures are not yet available.

The foundations at NDSU and the University of North Dakota are ahead of the last fiscal year in dollars collected and the number of donors. But Miller says some major donors are holding off on large commitments.

Information from: The Forum, http://www.in-forum.com (Copyright 2009 by The Associated Press. All Rights Reserved.) APNP 01-04-09 1159CST | save this article / add to your favorites list