Word: payout
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Dates: during 2000-2009
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This year, the Faculty of Arts and Sciences (FAS) will receive a smaller payout from the University’s endowment than it might have expected given the steady growth throughout the 1990s. Since this payout regularly funds nearly half of the College’s spending needs, it should come as no surprise that FAS is headed for budget deficits in the near future, as Dean of the Faculty William C. Kirby’s public letter stated last week...
...deep pockets can, and should, ease the burden on FAS. To do so, however, Harvard will have to show generosity when it distributes funds from the endowment. University President Lawrence H. Summers should lobby the Harvard Corporation to grant larger increases in the endowment’s payout to FAS for the coming years. As Kirby has pointed out in his letter to the Faculty, if “we say ritually, that Harvard College is at the heart of the University, we must work continuously to make that statement true.” Harvard’s world-famous...
Hoffman-Bray said FAS will need to check the growth of its expenses given that for the next two years the Harvard Corporation has only approved a “modest” two percent growth in payout from the endowment. This payout, which has increased in past years by as much as 28 percent, comprises half of FAS’ operating budget...
...Harvard Corporation, the governing body responsible for distributing funds from the University’s endowment, is predicting only a 2 percent increase in the endowment payout for FAS over the next few years...
...banks, Citigroup and Bank of America. They both sell at about 12 times earnings. Bank of America pays out 40% of its income, close to a 4% yield. Citi pays out 20% of its income, about a 2% yield. If the tax law changes, perhaps Citi increases its payout to 40%, equal to Bank of America's. Do you expect Citi's price-earnings multiple to double? No. It will still sell on the basis of earnings. Over time, Citi shareholders will benefit from the extra income, but it is not going to change the multiple...