"Georgia's public and private colleges have eliminated some scholarships and scrambled to find money for some positions and research projects as endowments dwindle in a harsh economy," The Atlanta Journal-Constitution reports. "The endowments the colleges use to help pay for scholarships and other programs have declined by about 25 percent over the past year, according to officials at several Georgia colleges. Those who manage these funds worry about replenishing the accounts, with some saying the philanthropic trend has moved away from endowed gifts. An endowed gift is invested in a permanent fund and the returns are spent on a purpose designated by the donor, such as scholarships or a professor position in a certain department. The investment allows an endowed gift to last for years, while other donations are quickly spent in their entirety."