Distributions from pooled endowments occur quarterly based on the distribution percent set by the Regents.
The University distributes 4.5% of the one quarter lagged 28 quarter moving average of endowment share values. Distributions are limited at any given time to 5.3% of the then current market value.
In June 2006, the Board of Regents approved a change to the university's endowment spending rate policy and extended the moving average period from 12 quarters to 28 quarters, with implementation to be phased in over the next three years. Effective July 1, 2006, the spending rate moving average period increased to 16 quarters and then increased by one quarter each subsequent quarter until the moving average period reached seven years (28 quarters).
In July 2010, the Board of Regents approved a change to the University’s endowment spending rate policy reducing the quarterly distribution per share from 5.0 to a 4.5 percent annual rate effective with the distribution for the quarter ending September 30, 2010. This was accomplished by holding the distribution per share steady as the share rate grew over time. This change was completed with the September 30, 2013 distribution.