In just about any other year, you’d think it would be nuts for a money manager/management team to get congratulated for having an endowment fund lose 22% of its value. 2008 was no run of the mill year for market and endowment declines.

Phillips Exeter Academy‘s endowment managers held loses to 22% beating the S&P 500 by 15%- a hard hit but a roaring success in light the overall market. Unwavering in its commitment to financial aid and affordability, Exeter is committed to its staff and students and is working reduce it’s operating budget by 8% in the coming year.

As one of the biggest fish in the pond, Exeter will always be scrutinized. No matter what, you’ve got to admire and appreciate the on-the-table transparency of their situation and efforts to contain their budget.

Read more about this on the New York Time’s DealBook blog post.