What constitutes prudent spending from private college endowments? Evidence from underwater funds
Drew M. Anderson, University of Wisconsin-Madison [email protected] 608-890-0776 L139C Education Building 1000 Bascom Mall Madison, WI 53706
Running head: Prudent spending from endowments
Acknowledgments For all their help, I would like to thank Associate Editor Stephanie Riegg Cellini, anonymous referees, Luke Anderson, David Bass, Christine England, Susan Gary, Jesse Gregory, William Jarvis, Sheldon Kurtz, Ken Redd, John Karl Scholz, Christopher Taber, Larry Tavares, and the public economics reading group at the University of Wisconsin-Madison.
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Abstract This study examines how private colleges and universities choose to spend versus reinvest resources in endowment funds that have suffered investment losses. The analysis takes advantage of a market downturn and public policy shift, which together revealed how colleges define prudent spending. Investment losses during the financial crisis of 2008 left many endowment gift funds below their original donated values, or “underwater.” Colleges in some states were legally required to cut spending from underwater funds. Other states had recently enacted the Uniform Prudent Management of Institutional Funds Act, which allows prudent spending from underwater funds. The Act loosened financial constraints, and affected colleges responded by spending 22 percent more from their endowments in the fiscal year following the financial crisis. Constrained colleges did not increase spending from unrestricted parts of their endowments to offset reduced spending from underwater funds.
Evidence from underwater funds Drew M. Anderson ...
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