Word: payouts
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Dates: during 1990-1999
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Harvard's current endowment payout--3.7 percent of market value--is the lowest since 1987 and significantly below Harvard's long-term average of just more than 4.5 percent...
...nominal terms, the endowment payout has actually increased over recent years, rising from $260.3 million in fiscal year 1993 to $332.3 million in fiscal year...
However, according to this year's financial report, the total endowment payout remained steady at $332.3 million between fiscal 1996 and 1997 - despite a 25.8 percent return on the endowment during fiscal 1997, and a rise in the market value of the endowment from $9.1 billion to $11.2 billion...
Huidekoper attributed the decline in the payout percentage and the platteauing of the total payout to the endowment's stellar rise...
...said the University strives to avoid drastic changes to the total amount of annual endowment payout, relying instead on steady increases in payout to reflect the rising value of the endowment...