Board Adopts Updated Programmatic Spending Policy

At its most recent Board of Directors meeting in Denver, the U.S. Endowment adopted an update to its programmatic spending policy. “This refinement to our policy allows programmatic predictability in meeting our missional commitments in our early years while remaining consistent with obligations set-forth under the Softwood Lumber Agreement that serves as the Endowment’s ‘organic act’ on the one hand while also addressing fiduciary responsibilities, the realities of market fluctuations and the need to consider intergenerational equity, on the other,” said Endowment President Carlton Owen. In short, subject to certain planned adjustments in the face of precipitous market declines, the Endowment will plan programmatic investments of up-to $5 million in 2008 (equal to approximately 5% of 2007 corpus); $7.5 million in 2009 and $10 million in 2010. Thereafter, the Endowment will use 5% of a rolling twelve quarter average of corpus as the base annual spending rate.