Endowment
The financial markets, while better than in 2009, fluctuated significantly during the year. The total return on investment for the endowment fund for the fiscal year, net of fees, was 7.0%. The target allocations remained stable at 50% growth assets (domestic, international and private equity), 30% risk reduction assets (hedge funds and fixed income) and 20% inflation protection assets (real estate and TIPS). Several manager changes were made which are expected to improve future performance. The market value of the endowment at June 30, 2010 was $74 million, up from $71 million in 2009. In fiscal year 2009-2010 the endowment provided $2.8 million in support for the College operations and $1.1 million in support for the Seminary operations. The endowment spending rate has been held at 4.5% for the past six years and will be the same for 2010-2011.