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Annual Spending

$2,500,000

Sustainable? (spend <= real return)0
Real Return Rate4.0 %
Net Annual Endowment Growth-$500,000

Annual Spending vs Annual Spending Rate

Ver formula →

Formula

How Endowment Spending Works

Endowments are designed to provide perpetual funding. The spending rate must be low enough that investment returns preserve the real (inflation-adjusted) value of the endowment.

Formula

Annual Spending = Endowment Value x Spending Rate

Sustainable if Spending Rate <= Expected Return - Inflation

Common Practice

  • Most institutions spend 4-5% annually
  • The "Yale Model" suggests 5.25% with a diversified portfolio
  • Spending above the real return rate erodes the endowment over time

    • Exemplo Resolvido

    A $50M endowment with 5% spending rate, 7% expected return, 3% inflation.

    1. 01Annual spending: $50M x 0.05 = $2,500,000
    2. 02Real return: 7% - 3% = 4%
    3. 03Spending (5%) > Real return (4%): Not sustainable long-term
    4. 04Net growth: $50M x (7 - 5 - 3)/100 = -$500,000 per year

    Perguntas Frequentes

    What is a prudent spending rate?

    The UPMIFA guidelines suggest spending 4-7% is presumptively prudent, but sustainability depends on investment returns and inflation.

    Can a school spend more during emergencies?

    Yes, boards can approve temporary higher spending, but should plan to return to sustainable levels within a defined period.

    How are endowment returns measured?

    Using total return (interest, dividends, and capital appreciation) on a rolling 3-year or 5-year average to smooth volatility.

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