The J. Scott and Ann B. Carter Scholarship
About This Fund
Information on funds to which you made gifts after June 30, 2016 will be provided next year to allow time for measurable growth.
Many donors may have given to the fund; if so, the amount of your gift(s) is included in the figures noted.
Market value is a measure of the value of a fund within the institution’s endowment, based on the value of that fund’s “shares” of the institution’s endowment on a particular date.
Endowment distribution is the earnings that can be spent on the stated fund purpose during a fiscal year. The endowment distribution was not used if a professorship was vacant, a scholarship or fellowship was not awarded, or if a fund’s criteria were not met. In this case, the endowment distribution was reinvested in the University’s Long-Term Pool endowment for growth.
The University’s Endowment Spending Policy
The University’s endowment spending policy calls for annual increases tied to the Higher Education Price Index (HEPI), unless such increase causes the distribution to fall outside a range that is 4.0 percent on the low end and 6.0 percent on the high end of the market value of the University of Virginia endowment, as of a specified measurement date. If the distribution falls outside of this range, the Board of Visitors’ Finance Committee may recommend resetting the distribution rate to an appropriate level. For the 2016 fiscal year, which ended June 30, 2016, the annual distribution from the University endowment under this policy saw a 1.9 percent increase over the previous fiscal year.
For the year ended June 30, 2016, the Board of Visitors authorized an additional 40 basis points be added to the fiscal year 2016 endowment spending distribution. Application of the endowment spending policy and the additional 40 basis points resulted in a spending distribution equal to 4.62 percent of the June 30, 2014, market value (the measurement date). The fiscal year 2016 endowment spending distribution totaled $190.5 million, compared to $169.4 million in fiscal year 2014-15.
You may also read more about the University’s endowment on the UVIMCO website at http://www.virginia.edu/uvimco. This site provides the most current information about the performance of the overall endowment fund.