By STEPHAN BISAHA

A booming stock market last year meant big gains for endowments at Kansas colleges and universities.

But declines in the long-term performance of endowments and changes to the tax code make many financial officers nervous.

A study, conducted by the National Association of College and University Business Officers, found that endowments across the country saw a 12.2 percent return in fiscal year 2017. That’s a significant improvement over the loss of 1.9 percent the year before. Kansas schools saw similar returns.

However, analysts warn against counting on continued momentum in those markets.

“Bull markets end,” said Kenneth Redd, senior director of research and policy analysis for NACUBO. “If you’re an investor — especially of an endowment — you have to plan for that.”

Colleges and universities use endowments — invested assets valued in the billions for the largest universities — to create a stable financial base to draw upon over the long-term.

In good financial times, a portion of those returns pays for or student financial aid and a range of things from new buildings to research. In bad years, spending from endowments can minimize tuition hikes and maintain services that would otherwise face cuts. Years of declining state higher education spending in Kansas have caused a growing reliance on endowments at public universities.

Fort Hays State University saw the largest proportional increase of the ten Kansas institutions included in the study. The market value of its endowments increased by more than 30 percent to $91 million. Much of the increase was driven by large, one-time gifts.

“Our future is very bright,” said Jason Williby, president of the Fort Hays State University Foundation.

Long-term returns have not proven so encouraging. But Williby waves away those concerns.

“If the stock market stays strong I don’t think double digit growth is out of the norm for the next couple years,” said Williby.

The University of Kansas saw the market value of its endowment increase by 9.3 percent to 1.6 billion dollars, even after spending some of the returns rather than reinvesting that money. The first six months of the current fiscal year have seen a comparable performance, according to KU. But those in charge of the university’s endowment are bracing for a rockier future.

“A run of good performances raises everyone’s collective blood pressure,” said James Clarke, a senior vice president for the KU Endowment Association. “We’ve run pretty far, pretty fast. And markets tend to reserve at some point.”

There’s also concern about how new changes to federal tax law will affect endowments. The law adds a 1.4 percent excise tax on some private college endowments, though it would only affect a small number of institutions with large endowments compared to the size of their student body. There are also worries that a higher standard deduction will give taxpayers less of an incentive to donate to charities.

Clarke said the school will have to wait to see what impact the tax changes will have and that most donors to KU give because they want to support the university — not for a tax deduction. But others in charge of university endowments are nervously uncertain.

“With a heavy accent on the nervous,” said Kenneth Redd with NACUBO. “If there are fewer incentives for people to donate to charities that’s going to really affect all nonprofits but certainly university endowments.”

Stephan Bisaha  is an education reporter for the Kansas News Service, a collaboration of KMUW, Kansas Public Radio, KCUR and High Plains Public Radio covering health, education and politics. Follow him on Twitter @SteveBisaha.

SEDGWICK COUNTY — Fire investigators have determined the cause of a fatal weekend fire.

Just after 11a.m. Saturday, fire crews were dispatched to fire in a small, single family home at 3515 South St. Clair in Wichita, according to Lt. Jose Ocadiz.

Crews found a small fire in the living room area of the home. While fighting the fire, crews found a 66-year-old man in a hallway.  They removed the man from the home and attempted but were unable to resuscitate him.

An investigating revealed that an extension cord in the living room was under numerous items, combustible material. The extension cord was damaged. The fire was determined to be an accidental electrical malfunction of the extension cord.  Damage was estimated at $30,000 to the structure and $20,000 to the contents.

Ocadiz did not release the name of the victim.

SALINE COUNTY -The Silver Alert for a missing Salina man has been canceled, according to the Kansas Bureau of Investigation.  Authorities located Mr. Wolf, and he was deceased, according to the KBI.

The KBI released no addition details on Monday.

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SALINE COUNTY –  The Kansas Bureau of Investigation and Salina Police issued a Silver Alert Saturday for a missing Salina man.

The whereabouts of Gene Oliver Wolfe, 89, are unknown. Wolfe suffers from Alzheimer’s and dementia. He is 5’5″, 155 lbs., has short gray hair, hazel eyes, and wears glasses.

Wolfe was last seen in Salina, at approximately 3 p.m. Saturday. He is believed to have left home in a 2002 White Ford Taurus with Kansas tag number 096JGM. The Taurus also has a broken tail light.

Wolfe’s direction of travel is unknown. He mentioned going to his parents’ gravesite in Manchester, Kan. but has not been located there.

The Salina Police Department asks anyone with information, or who has had contact with Wolfe, to immediately call them at 785-826-7210.

The Salina Police Department is requesting activation of a Silver Alert for the following individual:

Name: Gene Oliver Wolfe
Age: 89
Sex: Male
Race: White
Height: 5’5”
Weight: 155
Hair: Gray, Short
Eyes: Hazel, wears glasses
Vehicle: 2002 White Ford Taurus 4-door, broken tail light
KS Tag: 096JGM
Clothing: Last seen wearing blue jeans, red t-shirt, black suspenders
Last Known Location: Salina, Kansas. Made mention of going to parent’s gravesite in Manchester, Kansas.
Public Contact: Salina Police Department 785-826-7210
Photo: Provided by Family, attached

Mr. Wolfe suffers from diagnosed Alzheimer’s and dementia and has been known to show physically violent tendencies with his family. He was last seen in Salina, Kansas at approximately 3:00pm on today’s date. He left home in the above vehicle, a white 2002 Ford Taurus. Mr. Wolfe made mention of going to his parents gravesite in Manchester, Kansas but has not been located there. The Salina Police Department asks that anyone with information as to the whereabouts of Mr. Wolfe contact them at 785-826-7210 or by calling 911.

HUTCHINSON — The historic consoles used by NASA flight controllers to manage the first missions to land astronauts on the moon arrived at the Cosmosphere SpaceWorks facility in Hutchinson Monday morning.

According to a media release, the consoles are in Hutchinson for a full restoration that will last through the spring. The $5 million restoration will return Mission Operations Control Room-2 inside the Mission Control Center to how it looked at the time of Apollo 11, the first mission to land humans on the moon.

“The Mission Operations Control Room at the Johnson Space Center is the cathedral of manned space exploration” Cosmosphere CEO Jim Remar said. ”So for us to be involved in the restoration is an incredible honor.”

Space Center Houston, the visitor center for Johnson Space Center, together with NASA, Texas Historical Commission and the National Park Service are overseeing the project, with the goal of having it ready in time for the 50th anniversary of the first lunar landing next year. The Park Service gave its approval for the restoration in 2017 given the room’s status as a National Historic Landmark since 1985.

“This will be a complete and accurate historical restoration,” Sandra Tetley, historic preservation officer and real property officer at Johnson Space Center, said. “It will not be a fix-it-up. Everything will be preserved and accurate, from buttons, button labels, lighting — everything will be completely accurate.”

Though the overall control room is being returned to its Apollo 11 appearance, the consoles will be configured to how they looked during the fourth moon landing in July 1971. The Apollo 15 mission included the first use of the lunar roving vehicle (lunar rover) and began the extended exploration of the moon.

SpaceWorks will carefully take apart the more than half-century old consoles in order to bring them back to life.

First used for NASA’s Gemini 4 mission in 1965 and retired after STS-53, the 52nd space shuttle mission in December 1992, the consoles’ electronics are largely no longer serviceable. As such, the displays and some of the other visible elements will be augmented with modern components in order to create the appearance that the consoles are operational.