Several months ago, an email was sent by Karen Dewanz to units with Asset Management endowments, noting that some past quarterly distributions were less than anticipated. We wanted to provide a status report on this and let you know that Asset Management will offer a one-time withdrawal from true endowments, for those units that request it.
We anticipate that units will have the option to request this shortfall amount, which was not transferred to CUFS. You should know however, that this "shortfall" in distribution amount was instead added to endowment principal, thus increasing the amount that future distributions are based upon. For most of our endowments, this shortfall is expected to be relatively small, but for larger endowments (over $500,000 principal) it would be more substantial.
To clarify: the endowments that will qualify are only the true endowments in Asset Management (not quasi-endowments or endowments with associated quasi-endowments - these are not included because you always have the option to transfer some of the principal balance on quasi-endowments to CUFS.)
Once we have final details from Asset Management we will share that information with units affected and coordinate a college response back to Asset Management. This situation does not apply to endowments held at the UM Foundation.
If you have questions in the meantime, contact:
Rose Pederson (6-7611, email@example.com).