The Board of Trustees Investment committee voted on June 20 to keep the percentage of money Pitt takes from its consolidated investment funds the same for the fifth year in a row.
The distribution from the quasi-endowment fund, which includes non-endowed gifts that are completely free of donor restrictions on how and when the funds are spent, is based on 4.75 percent of the three-year average fair market value of the assets. This results in an income distribution of $6.74 per share — a 4.2 percent increase over the $6.47 per share in fiscal year 2023-24.
Similarly, the distribution from the consolidated endowment fund is based on 4.25 percent of the three-year average fair market value of the assets or $6.03 per share. This is a 4.2 percent increase from the income distribution amount of $5.78 per share for FY 2024.
The final amount that will be put in the operating budget will not be clear until the University announces its budget, which usually happens in early July. Pitt is still waiting to hear how much money it will get from the state for fiscal year 2024-25. Lawmakers are required to pass the state budget by the end of June, although they frequently don’t meet that deadline and seem unlikely to this year.
Pitt’s consolidated endowment was at $5.52 billion at the end of fiscal year 2022-23, according to the University’s annual 990 IRS form. The quasi-endowment makes up 60.1 percent of the total.
— Susan Jones
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