The committee approved a flat distribution rate from the University’s endowment this year in the wake of the COVID-19 pandemic.
The Investment Committee of Pitt’s Board of Trustees voted at a public meeting Thursday morning to keep the spending policy and distribution from the University’s endowment funds the same in the 2022 fiscal year.
On the advice of Hari Sastry, Pitt’s senior vice chancellor and chief financial officer, Pitt’s endowment distribution will remain the same as the past 2021 fiscal year. The committee approved a flat distribution rate this year in the wake of the COVID-19 pandemic.
The committee voted unanimously in favor of the resolution to approve the income
distribution amount from the University’s Consolidated Endowment Fund, or CEF, for fiscal year 2022, representing 4.25% of the three-year average fair market value of the assets.
The committee also voted unanimously to approve the income distribution amount from the University’s Operating Funds Quasi-Endowment for fiscal year 2022, representing 4.75% of the three-year average fair market value of such assets.
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