17 The University of Rochester Medical Center endowments comprise the largest component of the LTIP. Arts, Sciences & Engineering and the Eastman School of Music account for the next two largest shares. Endowments of the Simon Business School, Warner School of Education, and the Memorial Art Gallery collectively represent about 6% of the LTIP. Approximately 6% of the LTIP represents unrestricted gifts that are designated by the Board of Trustees as permanent endowment for support of education. Arts, Sciences & Engineering Medical Center Unrestricted Eastman School of Music Simon Business School Memorial Art Gallery Other (Foundations and Affiliates) Warner School of Education 3% 2% 1% 42% 17% 19% 10% 6% LONG-TERM INVESTMENT POOL COMPONENTS The University’s endowment spending policy ensures a growing and sustainable source of revenue for the University’s departments, schools, divisions, and programs, as well as intergenerational equity for all endowment accounts. It also aligns with our peers. The policy contains both inflationbased and market-based components. Spending rates will generally fall between 4% and 6% of the 20-quarter rolling average market value. ENDOWMENT HIGHLIGHTS (largest component of the LTIP) | Dollars in thousands ENDOWMENT MARKET VALUE NET RETURN SPENDING 2023 $2,822,698 6.9% $117,535 2022 $2,739,187 -11.6% $118,928 2021 $3,194,900 41.7% $114,314 2020 $2,328,140 3.7% $110,779 2019 $2,317,560 6.3% $108,053 2018 $2,257,557 10.0% $102,171 2017 $2,121,390 14.3% $102,000
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