b'General Endowment Spending Policy Period EndTrailing 12*Annual SpendingFiscal YearMarket ValueQuartely AvgAmount 07/01/09-06/30/10 $ 26,190,3935.0%$ 1,474,044 07/01/10-06/30/11 $ 31,596,8166.0%$ 1,574,79907/01/11-06/30/12 $ 30,108,6328.0%$ 2,062,95107/01/12-06/30/13 $ 33,845,2358.0%$ 2,369,14507/01/13-06/30/14 $ 43,211,9906.5%$ 2,087,27707/01/14-06/30/15 $ 45,764,7255.0%$ 1,807,63907/01/15-06/30/16 $ 44,827,6427.0%$ 2,840,70707/01/16-06/30/17 $48,909,3806.5%$ 2,864,92707/01/17-06/30/18 $ 52,245,5396.0%$ 2,754,88707/01/18-06/30/19 $ 52,045,3925.0%$ 2,213,43107/01/19-06/30/20$ 51,474,4145.0%$ 2,311,11407/01/20-12/31/20$ 57,903,9885.0%$ 2,447,585Note: Our spending rate is 5.0% in FY2020.Annual Spending Rate % 2008-20209.08.07.0 Spending Policy6.0 !e University has adopted a 5.0% annual spending policy for the5.0 Endowment Fund. In 2016, the Board 4.0 of Trustees chose to deviate from the standard policy for strategic 3.0 purposes. !e quarterly spending 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 amount (1.25% per quarter) is based Q Heidelberg Q NACUBO Private Average on the average market value of the total endowment fund over the In FY 2020, average annual spending rate was 4.97% for all privatepreceding 12 calendar quarters. !e institutions. Heidelbergs eective spending rate was 4.86% in 2020. funds will be remitted during the last week of each quarter. !e Investment Consultant will be notied should there be any change to this policy. 6'