April 28, 2000

Spending More of the Endowment

To the Editor:

Glenn C. Altschuler's "Endowment Payout Rates Are Too Stingy" (Opinion, March 31) is a long-overdue statement about what has gone wrong with many American college and university endowment-management programs. We are spending so little of our endowments because we have changed the basic goal of endowment management from meeting the donor's wishes in perpetuity to one of growth. We have forgotten ... how we developed endowment payout rates in the

Print Subscription

Digital Subscription

Already have an account? Log In Now.