PORTLAND, Ore. -- Endowment funds at many private campuses in Oregon have fallen sharply and are expected to fall further in the coming months.

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But college leaders say their finances are sound for now.

Most Oregon colleges have modest endowments -- a pool of donated money invested and used to support the school. It contributes millions of dollars a year that otherwise would come mostly from tuition.

Portland's Reed College has the biggest endowment of any private college in Oregon and relies on it for about 30 percent of its $64 million annual budget. It lost 14 percent of its value from June 2007 through September 2008.

Willamette University's endowment of $285 million was down more than 10 percent at the end of September.

Lewis & Clark College also is preparing for the economic uncertainty by cutting its budget. Its endowment lost 16 percent of its value in the first nine months of the year.

Many private Oregon colleges also plan to postpone or scale back building projects.