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Endowments

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Endowments
Concerned about the rising cost of college, Congress has been examining the investment and spending practices related to college and university endowments.

Communicating Endowments
Sample Collection The Library maintains this collection of online samples for all CASE members.

Endowment Management
Sample Collection The Library maintains these collections related to endowment management for all CASE members.

Endowment Management
Good Question Do you have resources on managing endowments?

Endowments Are Forever
CURRENTS Article In a combustible election year full of populist rhetoric, candidates for both federal and state offices are decrying higher education's price tag and mounting student loan debt. Headlines about college and university endowments earning double-digit returns in 2013 and 2014 helped bring the funds under lawmakers' scrutiny, leading some to view them as a way to keep tuition prices in check and increase student financial support. But endowments are intended to provide stable, long-term funding to an institution while balancing the present and future needs of the university and its students, a concept known as intergenerational equity. And it's essential that communications and development professionals understand how their institution's endowment works—including how these funds help keep tuition prices down. Communicators and fundraisers should also know the endowment's total value, spending rate, return on investment year to year, and average 10-year return.

Voices
CURRENTS Article Advice on endowment terms and a collection of tweets, quotations, advice, and more from the CASE Summit.

Endowment Growth Slows in 2015
Article,  BriefCASE Article The rate of growth for endowments of U.S. colleges and universities slowed dramatically in 2015, according to the 2015 NACUBO-Commonfund Study of Endowments.

Outlook: Do Your Funds Need a Checkup?
CURRENTS Article Compliance checkups expose problematic spending restrictions, educate new employees on fund limitations, and ensure that fund usage reflects donor intent. They're a way to assess the fitness of funds—particularly your oldest restricted income accounts, endowed funds, and pending planned gift assets—that are key to the institution's long-term financial health.

A Changing Climate
CURRENTS Article Two dozen institutions in the U.S. and abroad have committed to divest from fossil fuels, and the numbers are likely to grow as the activism spreads. Still, many advancement offices are concerned that what is good for the planet may not be so great for their institution's endowment.

Endowments Show Strong Improvement
Article,  BriefCASE Article U.S. college and university endowments saw positive growth in fiscal year 2013 after experiencing a loss in 2012, according to a recent survey.

NACUBO-Commonfund Study of Endowments
National Association of College and University Business Officers
NACUBO shares select data on U.S. college and university endowments from the annual NACUBO-Commonfund Study of Endowments and the previously named NACUBO Endowment Study. The 2013 study was released January 2014.

Endowment Reports
Sample Collection The Library maintains this collection of personalized and general endowment reports and endowment report surveys for all CASE members. Reports are arranged alphabetically by institution.

Endowment Policies
Sample Collection The Library maintains this collection of endowment policies for all CASE members. Policies are arranged alphabetically by institution.

Report: College and University Endowment Returns Down Sharply in FY12
Article,  BriefCASE Article Results from a recent survey on U.S. university and college endowments are in line with the Voluntary Support of Education survey findings.

Report: U.S. Colleges, Universities See Increase in FY11 Endowment Returns
Article,  BriefCASE Article A recently released report shows that endowments at colleges and universities in the United States earned an average return of 19.2 percent during the 2011 fiscal year. This marks the second consecutive increase following a nearly 19 percent decline in fiscal year 2009.

NACUBO, Commonfund Find Endowments Returned 19.8 Percent in FY 2011
Article,  BriefCASE Article U.S. college and university endowments saw an average return of 19.8 percent in fiscal year 2011, according to preliminary data from the 2011 National Association of College and University Business Officers and Commonfund Institute’s Endowment Study. The data reflected returns at 284 colleges and universities.

Survey Looks at Institutionally Related Foundation Funding
Article,  Community College News Article About 72 percent of community college foundations had endowments valued at less than $10 million last fiscal year. The mean amount of private support raised per community college foundation was around $1.8 million. These are among the findings of a 2010 CASE survey of institutionally related foundations affiliated with public institutions of higher education in the United States.

Senior Moment
CURRENTS Article This brief article looks at Rye Country Day School's yearly effort to solicit gifts from parents of graduating seniors, thereby expanding its endowment. Parents are encouraged to double their most recent gift to the annual fund. In recent years, parent participation has consistently exceeded 95 percent.

U.S. Colleges, Universities Report Endowment Growth
Article,  BriefCASE Article A new study shows that the value of educational endowments grew an average of 11.9 percent during the 2010 fiscal year, representing a sharp improvement over the 18.7 percent decline reported in 2009.

Rebuilding Endowment
Commonfund
Article During the recession, endowments were hit hard by the sharp decline in the value of financial assets and by a reduction in grants, gifts, donations and planned giving resulting from a weak economy. This article from Commonfund's Chronicle Mission Matters (Winter 2011) reports on the conversation of experts who discuss the challenges and opportunities associated with rebuilding nonprofit endowments. CASE President John Lippincott took part in the conversation.

Spending and Management of Endowments Under UPMIFA: Findings of a Survey of Colleges, Universities and Institutionally Related Foundations
Association of Governing Boards of Universities and Colleges and Commonfund Institute
AGB conducted a survey of U.S. institutions in states that had enacted the Uniform Prudent Management of Institutional Funds Act, or UPMIFA. The survey was conducted to learn how institutions were managing endowment spending under UPMIFA and to inform decision making by boards, finance officers and endowment managers. This page provides a summary of the results, a link to the full survey report and additional resources.

Endowment Levels Up but Canadian Institutions Remain Cautious
Article,  BriefCASE Article Endowments have rebounded at many Canadian universities, but most institutions remain concerned about endowment spending and plan to keep cost-saving measures in place.

Glossary of Terms
Commonfund Institute
This extensive glossary defines a variety of financial and endowment management terms.

Some Institutions See Better Endowment Numbers
Article,  BriefCASE Article A slight uptick in the stock and bond markets has some U.S. institutions adjusting their projected endowment losses, according to a July 13 Bloomberg article.

Talking Points: Underwater Funds
CURRENTS Article For U.S. institutions, understanding the regulations associated with spending from underwater endowments has never been more important. This Talking Points column discusses what actions are permissible under UMIFA and UPMIFA.

Grassley to Continue Scrutiny of Charities, Including Colleges and Universities
Article,  BriefCASE Article In remarks delivered at a March 10 event in Washington, D.C., Sen. Charles Grassley (R-Iowa) said he will continue his diligent oversight of the charitable sector.

NACUBO Publishes New Report; Legislators React
Article,  BriefCASE Article Recently released data reveal that college and university endowments have taken a significant hit due to the economic downturn.

Closer Inspection
CURRENTS Article An interview with CASE Director of Government Relations Brian Flahaven provides insight about the federal scrutiny of educational endowments. This version of the interview contains additional information available online only.

President's Perspective: Endowed with Wisdom
CURRENTS Article CASE President John Lippincott describes why legislative attention to educational endowments is both welcome and worrisome.

Closing Remarks: Come Together Over Me
CURRENTS Article The author proposes that the 12 institutions affiliated with the African Methodist Episcopal Church combine their fundraising efforts to create one endowment.

Advance Work: Here's to Your Health
CURRENTS Article The future of these independent schools is looking good.

Closing Remarks: Those Enormous Endowments
CURRENTS Article The endowments of the richest U.S. colleges and universities are big and becoming enormous. The author posits that U.S. higher education is losing its way and proposes a way to rectify the disparity between rich and and not-so-rich institutions.

Talking Points: Endowments 101
CURRENTS Article This Talking Points column discusses the purpose of an endowment, how its spending is determined, and how it works to support the organization's mission.

Advance Work: Gifts that Grow
CURRENTS Article A recent study compares the top five endowments in the United Kingdom to those in the United States.

Talking Points: Opening Up
CURRENTS Article This article is a follow-up to a September 2003 CURRENTS article, "That Sinking Feeling," about the Uniform Management of Institutional Funds Act, a law that governs the expenditure of endowment funds by nonprofits, including institutions and their foundations. This article describes recent revisions to UMIFA and the details of the new law, which mean big changes in the way charitable institutions manage and spend their endowment funds. One major change is the name—the act is now called Uniform Prudent Management of Institutional Funds Act—and perhaps the biggest change is the elimination of the concept of “historic dollar value.” Other changes that the article describes include how UPMIFA brings the law in line with modern investment practice and how the new act provides better spending guidelines and more flexibility to cope with fluctuations in the value of the endowment.

The Long Arm of the Law
CURRENTS Article This article, a sidebar to “To Preserve and Protect,” discusses the three U.S. laws that experts say endowment managers must bear in mind: the Sarbanes-Oxley Act (SOX), the Uniform Management of Institutional Funds Act (UMIFA), and the Freedom of Information Act (FOIA).

To Preserve and Protect
CURRENTS Article Endowment management and stewardship are complicated by a wide range of internal and external issues. Today's donors, in addition to wanting more information about how institution leaders are investing and spending their gifts, want to be reassured that the spirit of their gifts is being honored. This article describes the philanthropic climate in which endowment managers are operating and identifies specific strategies that development officers should incorporate into their endowment stewardship efforts.

Talking Points: That Sinking Feeling
CURRENTS Article Recent stock market declines have highlighted a provision of the Uniform Management of Institutional Funds Act (UMIFA) that's causing problems for institutions whose endowed funds have dropped below their historic values--otherwise known as underwater endowments.

Closing Remarks: A Bumpy Ride
CURRENTS Article Advancement and foundation officers’ priority is to protect endowment income for their campuses. As the market downturn has been accompanied by a recession, two of three college and university endowments declined in value in fiscal year 2001—the first such decline since 1984. Here are some tips on how to bear with the natural ups and downs of the market.

Talking Points: The Endowment Mystique
CURRENTS Article News stories in the 1990s called attention to both high endowment growth and rising tuition costs. To many, it appears that higher education institutions are profiting, and some journalists, alumni, lawmakers, and others are calling for institutions to use more of their endowment earnings for tuition relief. This article outlines and clarifies four myths about endowments.

Did You Say A Billion?
CURRENTS Article Campus communicators must be able to explain, openly and realistically, the need for institutions to seek megagifts and amass multimillion-dollar endowments. The article describes how to address typical questions on these topics from such constituents as faculty, students, taxpayers, trustees, prospective donors, foundation officers, alumni, and reporters.

AdvanceWork: Sharing the Wealth
CURRENTS Article Problem/Solution

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