New Massachusetts Law Allows More Endowment Spending

Date: 11/6/2009 12:28 pm

A new Massachusetts State law will allow Massachusetts colleges and universities to increase their endowment payout rate to cover expenses.

Before the new legislation, endowed institutions were only allowed to spend income from their endowment if the balance was larger than the original value, according to the 1972 Uniform Management of Institutional Funds Act. But since so many endowments have withered with the falling value of stocks, the old legislation left a lot of institutions unable to access funds. New legislation from the Massachusetts State legislature allows an institution to spend as much of its endowment “as the institution deems prudent.”

This will allow many institutions of higher education in Massachusetts to spend money from recently acquired endowments which were inaccessible because of how much the stock market tumble caused them to lose. Funds like this, which are worth less than what was originally bequeathed, are termed “underwater funds.”

At Harvard University, the administration is deciding how they should spend this newly available money, estimated at around $50 million. “Harvard’s endowments tend to be quite old,” said Harvard’s chief financial officer Daniel Shore, “so they have a lot of appreciation built up in there. Underwater funds’ challenges have been the biggest in the places that have received the newest endowment funds.”

More from the Crimson at Harvard University

Issue: Student Governance and Campus Administration

Re: New Massachusetts Law Allows More Endowment Spending

Date: 10/4/2010 3:35 am

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