Word: payouts
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Such a move would come on the heels of two successive years of low payout increases: 2 percent in both FY03 and FY04...
...University governing body hasn’t been this conservative since the early 1980s. Just three years ago, the Corporation approved the highest endowment payout increase in Harvard’s modern history—37 percent for FY02...
...contrast, the endowment payout shrank by 0.8 percent in real terms in FY03. The University will likely record real declines in payout again for the current year and next year...
According to Shore, the last time the endowment payout was held flat was 1984. Runaway inflation during the decade from 1972 to 1982 made for real decreases over that time period...
Meyer said the Corporation relies on a formula to guide its decision about payout. The formula gives 70 percent weight to the previous year’s spending plus the Higher Education Price Index—a measure of inflation—and 30 percent weight to the endowment’s market performance...