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A key provision of UPMIFA states that: "Subject to the intent of a donor expressed in the gift instrument an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. [7]
Engraving of Harvard College by Paul Revere, 1767. Harvard University's endowment was valued at $53.2 billion as of 2021. [1]A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial, real estate, or other investments for a specific purpose according to the will of its founders and donors. [2]
Mark W. Yusko is an American investor and hedge fund manager. He is the founder, chief investment officer and managing director of Morgan Creek Capital Management, an investment management firm that advises pension funds, endowments and wealthy individuals.
There is a diversity of definitions used by bodies such as NGOs and think tanks, but in its broadest sense, financial literacy is an understanding of money. [8] Some of the definitions below are closely aligned with "skills and knowledge", whereas others take broader views, and some are from academic research which is tested and validated:
The Stanford University endowment includes real estate and other investments valued at $36.5 billion as of August 31, 2023, [1] and is one of the four largest academic endowments in the United States. [2] The endowment consists of $29.9 billion in a merged pool of assets and $6.6 billion of real estate near the main campus.
Some examples include: The creation of Butte Creek Restoration Council, HUB (helping understand bicycles), The Ripple Repeat Project (campus thrift store), The Latin American Studies Scholarship Endowment Fund, The Freedom of Education Fund, an internship relevant to a student's Competence, or a research paper.
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In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion. As of 2005, the fund had managed annualized returns of 16.1%. He has been called "Yale's 8 billion dollar man" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005. [11]