Word: funded
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Under the Uniform Management of Institutional Funds Act, which was drafted in 1972 and previously governed endowment payouts, institutions were only allowed to spend income from an endowed fund if its current value–including accrued interest–exceeded the original value...
...legislation, the Uniform Prudent Management of Institutional Funds Act passed in July, now permits institutions to spend as much of an endowment fund “as the institution determines is prudent,” meaning that Harvard can now determine appropriate expenditures from more recently acquired endowments...
...actual increase in endowment spending has yet to be determined, according to Shore, as the University is in the process of formulating a new policy to address spending from underwater funds. But Shore said he expected the new income to be less than the $50 million figure. Excessive spending from a specific endowment fund, especially one that has already fallen below its original value, can erode at its long-term value—a crucial consideration for financial planners at the University, since most endowments are meant to last in perpetuity...
...Tobel was accepted to HBS when she applied as a Harvard senior—but she deferred admission to work for a hedge fund owned by Morgan Stanley and entered HBS in the fall of 2008. She took her leave of absence that spring...
...does this matter now? Because we are in the midst of a debate over how to fund a health-care-reform plan - and the idea of raising taxes, even just a little bit, to pay for it is causing heart failure among our legislators. They are looking for somewhere between $30 billion and $35 billion per year. If the bill isn't properly funded - if working-class families don't receive large enough tax credits to help pay for their newly mandated health insurance, if they're forced to pay thousands of dollars in new out-of-pocket expenses - Republicans...