Penn State news by
Penn State's student blog



Senior VP for Finance and Business Retires

normal_Schultz_GaryGary Schultz retired this week after having served for 14 years as the university’s senior vice president for finance and business. Al Horvath, the current vice president for finance and business, will be taking his position effective today.

In his position, Schultz was responsible for managing the 5,000 person workforce associated with “business operations, finance, and technology.” Oddly enough, he was also the designated executive for the Office of the Physical Plant and University Police.

Schultz will also be leaving a profound legacy from one of his other duties, serving as the chairman of the Penn State Investment Council, the organization tasked with investing the university’s $1.6 billion endowment.

Unfortunately for Schultz, he took the position at the height of the dot-com bubble and is leaving in the middle of the (say it with me now) worst economic downturn since the Great Depression. But still, the absolute amount of the endowment has grown even if return on investment has not. In 2001, the endowment was worth $986,300,000. As of 2008, it was worth $1,615,500,000.

That’s not to say he’s leaving the university in a great position financially. But it’s unclear how much of the budgeting came from him and how much comes from Our Dear Leader, Graham Basis Spanier.

Your ad blocker is on.

Please choose an option below.

Sign up for our e-mail newsletter:
Support quality journalism:
Purchase a Subscription!

About the Author


Creator of @OnwardState. Big fan of sweaters.

No. 12 Penn State Men’s Lacrosse Secures 15-14 Come-From-Behind Overtime Victory Over No. 9 Yale

After scoring only two goals in the first half, TJ Malone and the Nittany Lions came back to win in sudden death overtime.

Roman Bravo-Young Qualifies For 2024 Olympic Games

“I don’t think words describe it. You dream of moments like this.”

No. 25 Women’s Lacrosse Falls Short to No. 8 Loyola 14-10

The Nittany Lions took their second road loss of the season after a gritty effort against Loyola.

Follow on Another Platform
Other posts by Davis

Penn State and the Process of Life

To paraphrase Mark Twain: The reports of higher education’s death have been an exaggeration. American universities produce more research and relevant knowledge for the world at large than any other institutions I know of. Tuition may be too damn high, but over the long-run, undergraduate degrees are definitely worth the cost. But Penn State could be so much more. It used to be, I think.

Bonded in Blue, White, and Worry

43 Simmons