Word: payouts
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University administrators defended the lowrate, nothing that while they may have been usinga smaller portion of the endowment, the actualdollar amount of the payout grew at about 10percent each year...
Thomas O'Brien, Harvard's former vice presidentfor finance and architect of its current savingsystem, calls the new payout estimate "verymodest," adding that most schools now target for a5 percent payout...
...Brien invented the formula for coming upwith the payout rate, which is based on findingthe perfect mix between spending today's moneyversus tomorrow...
Harvard's money managers say they are confidentthey can see this welltimed payout through amarket downturn, like the one earlier this year inwhich Harvard lost $1.3 billion...
Fineberg calls the $1.3 billion dollar drop inthe endowment "a blip," and Huidekoper says evenan actual decline in endowment value would notpush the payout percent too high...