Financial endowment

== Fiduciary management ==
{{See also|Uniform Prudent Management of Institutional Funds Act}}

A financial endowment is typically overseen by a board of [[trustee]]s and managed by a trustee or team of professional managers. Typically, the financial operation of the endowment is designed to achieve the stated objectives of the endowment.

In the United States, typically 4–6% of the endowment's assets are spent every year to fund operations or capital spending.  Any excess earnings are typically reinvested to augment the endowment and to compensate for inflation and recessions in future years.<ref name="Newsweek">{{cite web|url=http://www.newsweek.com/id/54660|title=So nicely endowed!|date=31 July 2004|website=Newsweek |access-date=14 April 2018 }}</ref>  This spending figure represents the proportion that historically could be spent without diminishing the principal amount of the endowment fund.
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