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An analysis of the effects of asset allocation and spending policies on the intergenerational equity of college and university endowment funds.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	An analysis of the effects of asset allocation and spending policies on the intergenerational equity of college and university endowment funds./
Author:	Frist, Matthew J.
Description:	1 online resource (113 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 66-03, Section: A.
Contained By:	Dissertations Abstracts International66-03A.
Subject:	School finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780496651542

An analysis of the effects of asset allocation and spending policies on the intergenerational equity of college and university endowment funds.
Frist, Matthew J.

An analysis of the effects of asset allocation and spending policies on the intergenerational equity of college and university endowment funds. - 1 online resource (113 pages)

Source: Dissertations Abstracts International, Volume: 66-03, Section: A.

Thesis (Ed.D.)--University of Pittsburgh, 2003.

Includes bibliographical references

The purpose of this study was to ascertain whether colleges and universities with endowment funds with market values of $100 million or less are constructing asset allocation and spending policies that are intergenerationally neutral. This is important because college and university trustees have a fiduciary duty to maintain and protect the purchasing power of their institution's endowment funds on a real basis. Furthermore, when donors bestow funds to an institution, it is with the expectation that those funds will provide support for not only current students and scholars but for future generations of beneficiaries. The data source for this study was an endowment management survey that was developed and mailed to 257 institutions that met the inclusion criteria of the study. Approximately 41% or 106 institutions completed the survey instrument, which collected data on investment policy statements and general endowment management practices. Fund Evaluation Group, a nationally recognized investment-consulting firm whose client base includes a large number of colleges and universities nationwide calculated a conservative, moderate, and aggressive expected return and standard deviation for each survey participant who provided a usable target asset allocation policy statement by utilizing the firm's capital market research and proprietary asset allocation model. The study found that when moderate capital market assumptions are utilized, roughly 79% of the institutions that provided usable data were employing asset allocation and spending policies that will diminish the purchasing power of their endowment funds on a real basis. The purchasing power of the endowment funds of participating institutions were, on average, being diminished annually by −0.90% when moderate capital market assumptions were utilized. Therefore, the study concluded that the majority of institutions that participated in this study were not developing asset allocation and spending policies that are intergenerationally neutral. Instead, the study concluded that the majority of institutions were developing investment policy statements that benefit current students and scholars at the expense of future beneficiaries.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9780496651542Subjects--Topical Terms:

1468920
School finance.
Subjects--Index Terms:

Asset allocationIndex Terms--Genre/Form:

554714
Electronic books.

An analysis of the effects of asset allocation and spending policies on the intergenerational equity of college and university endowment funds.
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