Word: payouts
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Dates: during 2000-2009
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Even as the endowment continued to increase last school year, the Faculty of Arts and Sciences (FAS) faced down the possibility of years of deficit spending because of a stagnant endowment payout. Then, in a seeming reversal, the Harvard Corporation relented and increased the FAS endowment payout first by 2 percent, then later by 4 percent. This year, the University is again warning that it might have to forgo any increase in endowment payouts, though this seems particularly extreme considering what a wildly successful year Harvard’s investments...
Critics of University endowment policy are told that Harvard’s financial planners keep the goal of consistent payouts foremost in their minds when devising the University’s payout scheme. The University is also saving for large, looming expenditures—massive expansion across the Charles River and the high cost of the once-in-a-generation Harvard College Curricular Review now underway. The former will require a brand-new campus in Allston, the latter a much expanded Faculty. So consistently large payouts now are tougher than the size of the endowment might suggest...
...even with expensive projects on the horizon, Harvard can do a better job of offering its schools predictable, though not necessarily huge, increases in endowment payouts, as the Corporation’s two unexpected increases in FAS endowment payouts last year indicate. It is critical that the University place renewed emphasis on smoothing out payments over time so that FAS does not be left wondering whether the Corporation will increase its payout at the last minute. Harvard’s various schools should never have to guess whether there will be an increase in their funding or whether the payout...
...forget that if the bank doesn't get bought, you'll still own it. So seek solid management, not too much reliance on mortgage lending (since interest rates are rising) and a healthy dividend payout ratio (dividends paid divided by earnings). That ratio currently averages 43% for the industry. Says fund manager Anton Schutz: "You might as well get paid to wait...
...Berman, vice president for finance, said endowment payout for next fiscal year will be determined in October or early November...