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Endowments and Pension Funds (Bill Spitz)

Endowments and Pension Funds (Bill Spitz)

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Published by: National Press Foundation on Apr 08, 2011
Copyright:Attribution Non-commercial

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11/14/2013

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Endowment 101Endowment 101National Press FoundationNational Press Foundation
William T .SpitzWilliam T .SpitzVice Chancellor forVice Chancellor forInvestmentsInvestmentsVanderbilt UniversityVanderbilt University
 
D
efinition
D
efinition
³A
n endowment is a perpetual fund,
³A
n endowment is a perpetual fund,the income from which is used tothe income from which is used tosupport a particular project orsupport a particular project orpurpose as specified by the donor.´ purpose as specified by the donor.´ 
 
K
ey Attributes
K
ey Attributes
P
erpetual time horizon
P
erpetual time horizon
Important source of support to the operatingImportant source of support to the operatingbudgetbudget
Restricted by the donorRestricted by the donor
Governed by the Institution¶s Board subject toGoverned by the Institution¶s Board subject tothe Uniform Management of Institutional Fundsthe Uniform Management of Institutional Funds
A
ct
A
ct
Must preserve at least the original value of theMust preserve at least the original value of thegiftgift
Must be invested prudentlyMust be invested prudently
Must pay attention to inflationMust pay attention to inflation
Must consider both the short and long termMust consider both the short and long term

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