Word: payout
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Dates: during 2000-2009
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...Grassley, an Iowa Republican, has floated the possibility of mandating a minimum five-percent payout rate for higher education endowments, similar to the current standards for foundations and other charities that receive tax-exemptions...
...Harvard sets five percent as its payout goal but has exceeded that mark only once in the past decade. This is in large part due to consistently high investment returns, as the five percent target is based on a projected endowment growth rate of eight percent, which the last decade of returns has proven to be a conservative projection...
...Indeed, though Harvard upped its payout this year to $1.6 billion, its highest total ever, the payout rate as a portion of the endowment was just 4.6 percent...
...endowment to support University operations this year, an increase of nearly 25 percent over the previous years. Nevertheless, unprecedented growth in the size of the endowment meant that the University still spent less than five percent of its accumulated wealth, the number that Harvard claims is its goal. Payout rates have become a hotly debated issue in higher education in the last year as Senator Charles E. Grassley, the ranking member of the Senate Finance Committee, began attacking what he saw as “hoarding” among schools with large and fast-growing endowments. Grassley, an Iowa Republican...
...praise a slew of financial aid increases last year from the nation’s wealthiest universities, including a $22-milion expansion at Harvard, as “self-correcting.” Harvard and other schools with billion-dollar endowments have fought efforts to legislate payout rates, saying that donor restrictions and inconsistent returns require more flexibility than a mandate would allow. “We must balance our use of its income to support the current generation against our duty to preserve its purchasing power for future generations,” University President Drew G. Faust said...