Endowment spending rate for fiscal year 2015-2016
At the most recent Board of Visitors meeting held on March 24th 2015, the Board approved increasing the endowment spending rate for fiscal year 2015-2016 by 40 basis points to 4.62% of the market value of the UVIMCO Pooled Endowment Fund at June 30, 2014.
Had the spending policy been calculated using the usual annual inflator, the spending rate for fiscal year 2015-2016 would have resulted in an annual payout of 4.22% of the market value of the UVIMCO Pooled Endowment Fund at June 30, 2014. The additional 40 basis points will result in a .40% increase in the rate to 4.62%, with an estimated total distribution in FY16 of $188 million.
Departments can generate the LTP Market Value report in Fundriver to see updated fiscal year 2015-2016 spending distribution estimates.
March interim financials have been completed and will be presented to the Board of Visitors in June
Annual Meeting of ACC Fiscal Officers
The annual meeting is an opportunity for sharing of ideas and best practices among the ACC schools. With the fairly recent additions of Notre Dame, Syracuse, Pitt, and Louisville, the meeting has grown larger. This year’s meeting was hosted in late April by the University of Louisville. Among all of the schools, there is great interest in exploring different funding models. UVA is further along than most, and so for the last two years, Dave Boling has given a presentation on UVA’s experience with developing and implementing the University Financial Model. This will probably be a recurring update, as all of the schools are under pressure to move to financial models that incentivize cost awareness and operational efficiency, in both academic and administrative areas.
UVa will be hosting the 2016 ACC conference. Timeframe, location, and other details to be worked out, as we begin reviewing available options.