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University officials may increase endowment spending by as much as $50 million this year in light of a Massachusetts state law passed this summer, but they have not yet decided how to take advantage of the new legislation, Harvard’s Chief Financial Officer Daniel S. Shore said in an interview this month...
...difference in available income from the endowment is about $50 million, Shore said. With an endowment payout rate over 6 percent, this indicates that the new legislation loosens restrictions on about $800 million of Harvard’s $26 billion endowment...
...Harvard’s endowments tend to be quite old, so they have a lot of appreciation built up in there,” Shore said. “Underwater funds’ challenges have been biggest in the places that have received the newest endowment funds...
...actual increase in endowment spending has yet to be determined, according to Shore, as the University is in the process of formulating a new policy to address spending from underwater funds. But Shore said he expected the new income to be less than the $50 million figure. Excessive spending from a specific endowment fund, especially one that has already fallen below its original value, can erode at its long-term value—a crucial consideration for financial planners at the University, since most endowments are meant to last in perpetuity...
...Gaza, Operation Cast Lead, the fishermen say the daily hazards have only gotten worse. By day, the silhouettes of Israeli navy vessels are visible on the Mediterranean horizon. And by night, the thudding explosion of Israeli shells a few miles out to sea is audible even from the shore. "Every night there is shooting. They don't shoot directly at us. But when you get close to the three mile mark, they will fire into the water as a warning," says 23-year-old fisherman Ahmed Habil...