Endowment Investment Values

Paul A. Robell, Vice President

I regret having to send this brief note, but as you are all painfully aware, investment performance has continued to be poor for the second consecutive year. As you are planning for next year, please anticipate a significant decline in investment value for your Foundation endowments. We will not have the figures for another 4-6 weeks, but want to let you know that we will probably have to reduce the investment value of endowment funds by at least 20%, which will reduce your available spending from Foundation funds by at least 20% next year.

We will advise you of the actual adjustment once we have the final numbers, and the Foundation Board has had an opportunity to decide how to respond to this negative market performance.