Paul A. Robell, Vice President for Development and Alumni Affairs
I am pleased to advise you of recent actions taken by the University of Florida Foundation Board of Director’s Finance Committee:
1. The Finance Committee has approved a special increase in the spendable bases of endowment funds, moving each fund’s spending base up to 90% of market value. This will be retroactive to January 1, 2008 so you will see increased distributions on March 31. This action will increase spendable income across the campus by approximately $2.4 million; and
2. The Finance Committee has also approved a change to the Foundation’s administrative fee schedule, at the request of the Deans Committee. Effective July 1, 2008, the annual administrative fee on Pool B non-endowed funds will be reduced from 4.25% to 3%. As a reminder, Pool B includes the balance over $50,000 of any non-endowed fund.
I am pleased to share these changes with you.