Where did that $20 million in Sweet Briar’s endowment go?

I am actively soliciting answers to this question, because it doesn’t make a damn bit of sense to me.

This is a graphic I made the other day.  After re-reading the transcript I don’t know how many times, I think the 12/31/14 is supposed to be 6/30/14, but the portfolio values are based on 12/31 market data.  Either way, there’s a solid $20MM drop – $10.6MM in unrestricted and $9MM in temp restricted, and about 900K in perm restricted.

Here is what the endowment has looked like in recent years:

And here are some of Dan’s charts:

Anyone have any theories on how you suddenly take a $20 million hit over the course of one year?  Figure that’s loss of growth and income too, so it could be an even bigger number.  The endowment has been getting hit for 8-9MM a year, so we are talking about more than doubling the draw for 2014-2015.

I would prefer some theories with a little math behind them.  😉