SALEM (AP) — The economic recession is sapping several college endowment funds, money created when school officials invest donated dollars into stocks, bonds, real estate and elsewhere.

Earnings on investments provide a steady income for scholarships, programs, operations costs and other expenses.

Six area colleges Willamette University, Western Oregon University, Chemeketa Community College, University of Oregon, Oregon State University and Linfield College have seen their endowments decline in recent months. Corban College’s is flat.

School officials, already smarting from state budget cuts, are trying to draw still more students and are using backup funds, trimming budgets or making sacrifices.

The market value of Chemeketa Community College’s endowment investments has dropped from $3.2 million in August to $2.2 million at the end of last month, said Donald Russo, executive director of Chemeketa Community College Foundation.

The school’s donations look like they could double from last year’s $300,000, but the nature of giving has changed, Russo said. Single donations are not as large.

“It takes a whole lot more people to achieve this: It takes a whole lot more people making contributions,” he said.

An influx of students could boost revenue. Preliminary numbers show enrollment up 10 percent to 12 percent, said Fauzi Naas, coordinator of institutional effectiveness.

Chemeketa Community College president Cheryl Roberts told Chemeketa Board of Education members that she will not accept her step increase and cost-of-living adjustment, worth $15,000 next year.

Roberts, who makes about $160,000 per year, asked that the money be funneled into the school’s endowment, earmarked for student scholarships, said Greg Harris, Chemeketa’s public information officer.

The school’s four deans and two vice presidents also volunteered to forego their cost-of-living adjustments. The value of that contribution will be determined when employee contract negotiations are concluded next year.

“We don’t expect anybody else to follow suit,” Harris said.

Willamette University’s endowment dropped from $283 million May 31 to about $225 million in mid-November, said Bob Olson, Willamette’s interim vice president for financial affairs.

Annual fund donations (not including capital donations) have dipped from $1.4 million dollars last fiscal year to a projected $1.2 million by May 31, the end of the school’s fiscal year, Olson said.

The university began the current budget year with a $1.1 million shortfall in its operating budget, caused by lower earnings than expected from short-term investment funds, fewer annual fund donations and having 50 fewer students than expected.

The school is offering an incentive-based loan program starting next fall. Undergraduate students can get $2,500 per year while at Willamette.

The loan is forgiven if they graduate from the school within four years and maintain a minimum 3.0 grade-point average.

The loan seems to be tempting. For next fall, the school has 3,000 applications compared to last year’s 2,000 undergraduate applications.

Corban College’s 5-year-old endowment is steady at about $3 million because the investments have a fixed income, CDs and money market accounts, said Corban president Reno Hoff.

The school hopes to build the endowment to $5 million within the next five years.

The school anticipated fewer donations, setting aside $500,000 in August, Hoff said. He thinks the school will receive $200,000 less in donations.

One bright spot is that Corban’s enrollment is up 8 percent, mostly at the graduate level.

Yet Hoff isn’t counting on anything.

“I don’t think the government will be giving us a bailout, so we have to give ourselves a bailout,” Hoff said.