Endowment and Foundation Spending Guidelines
in current spending. This helps to preserve the endowment value
and thereby sustain future spending. As a result, over the longer
term, the percentage of portfolio with smoothing term policy
provides the most consistent spending levels.
Percentage of portfolio with ceiling and floor
This policy is similar to the method described above, with one
variation—rather than using a smoothing term, the amount of
spending is held within a fixed range. For ex