financial notes headerPresident's report home pageFinancial report home page

Financial Notes Home

Note 1

Note 2

Note 3

Note 4

Note 5

Note 6

Notes 7 - 14


NOTE 1


NOTE 1: Endowment and Similar Funds

The major portion of the University's endowment and similar funds is maintained in a single investment pool named the University Pooled Endowment Fund. The University has adopted an investment objective whereby the average annual return of the University Pooled Endowment Fund over rolling five-year periods should equal the rate of inflation (measured by the Consumer Price Index) plus its average level of spending from endowment income. The annual return for the Pooled Endowment Fund was 43.7 percent in 2000 and 18.4 percent in 1999. These percentages have been computed using realized and unrealized gains and losses and investment income. The rate of inflation plus the average level of spending from endowment income was 8.3 percent in 2000 and 7.0 percent in 1999.

The Pooled Endowment Fund is pooled using a market value basis, with each individual fund subscribing to or disposing of units (permanent shares) on the basis of the market value per unit at the beginning of the calendar month within which the transaction takes place. A summary of endowment and similar funds at market value follows:

ENDOWMENT AND SIMILAR FUNDS AS OF JUNE 30, 2000 (in thousands)

Pooled Endowment Assets*
Separately Invested Assets
Total
Mutual and Money Market Funds
$403,169
$55,128
$458,297
U.S. Government Securities
223,121
12,609
235,730
Corporate and Municipal Bonds
43,355
2,076
45,411
Corporate Notes
--
375
375
Common and Preferred Stock
404,345
20,469
424,814
Advances to Foundations (Note 3c)
--
36,578
36,578
Real Estate and Other Tangible Property
--
27
27
Mortgages
3,397
--
3,397
Private Placement Investments
609,847
--
609,847
Total Assets
*Includes $32.0 million of trust assets.
$1,687,214
$127,262
$1,814,476
Investment Income
27,180
5,245
32,425
Realized Net Gain
267,863
1,825
269,688
Unrealized Net Gain/(Loss)
220,026
(1,732)
218,294
Pooled Endowment Funds
   
Number of Permanent Shares
690,193
   
Number of Participating Shares
695,866
   
Market Value Per Share
$2,487.71
   
Earnings Per Share
$45.02
Distribution Per Share -- Class A
$68.76
   
Distribution Per Share -- Class B
$94.43


ENDOWMENT AND SIMILAR FUNDS AS OF JUNE 30, 1999 (in thousands)

Pooled Endowment Assets*
Separately Invested Assets
Total
Mutual and Money Market Funds

$ 321,726

$ 8,486

$ 330,212

U.S. Government Securities

149,814

2,992

152,806

Corporate and Municipal Bonds

47,601

2,539

50,140

Corporate Notes

438

--

438

Common and Preferred Stock

322,648

16,640

339,288

Advances to Foundations (Note 3c)

--

36,351

36,351

Real Estate and Other Tangible Property

--

1,280

1,280

Mortgages

4,198

--

4,198

Private Placement Investments

399,580

--

399,580

Total Assets
*Includes $32.0 million of trust assets.

$ 1,246,005

$ 68,288

$ 1,314,293

Investment Income

$ 24,902

$ 5,640

$ 30,542

Realized Net Gain

191,877

2,466

194,343

Unrealized Net Gain/(Loss)

(26,167)

378

(25,789)

Pooled Endowment Funds
Number of Permanent Shares

691,303

Number of Participating Shares

698,357

Market Value Per Share

$ 1,766.38

Earnings Per Share

$ 33.76

Distribution Per Share -- Class A

$ 64.95

Distribution Per Share -- Class B

$ 87.87

Financial Notes Home

Note 1

Note 2

Note 3

Note 4

Note 5

Note 6

Notes 7 - 14


previous page button
next page button
PRESIDENT'S REPORT
TABLE OF CONTENTS
FINANCIAL REPORT
TABLE OF CONTENTS
ADMINISTRATION AND
BOARD OF VISITORS
IMPRESSUM, CREDITS, AND NONDISCRIMINATION STATEMENT