Word: payouts
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Increasing expenses, coupled with an unusually small payout from the University’s endowment, have contributed to the need for a reassessment of the library’s spending, she said...
Professors and others at Harvard have also complained lately that the University is being too meager with payout, especially in light of last year’s 12.5 percent return on the endowment. The University had initially planned not to increase payout from this fiscal year to next year. But it voted in November to increase payout by 2 percent for next fiscal year and voted again this week to raise that amount to 4 percent...
...Corporation decided this was just the sort of extraordinary event they wanted to deal with by changing the payout arrangement,” she said...
This decision comes just months after the Corporation warned it might not raise payout at all for FY05 due to lackluster endowment performance...
After FY03 returns of 12.5 percent, many faculty questioned the initial decision to increase payout a meager 2 percent, but Summers defended the move as necessary to protect the value of the endowment. And even with the extra funds approved yesterday, the University’s cash-strapped units will likely continue to face serious financial constraints...