ࡱ> @=dߞWi=.U(G'gQ xX_hGSC6+jPrAC9r@_܋qMB)E`>*}(}C })zI[)R&;7M/;77̮K%G8w[2N`]ay7hBXhzY_ttwP^GIWfgX4gl,y[9!y/B-82u9_a緣 p>2ҋlqeiLFC;_+}[$!XQD5Rh=dY\opBu|_ w XN?'OW:uA՛F~KY(M=r?_}膜i˖T|[Yo~Ve/a \$z_ nO<ʿNT]ipeĭ[*V#,u|gG'eO5,uNeXٛQ0Cͱ}J!?徖cpȺ~ڧ>98d4r C}.Gjkc~f<}]ۀKڏc(sw)}n3/.gPNC_7BgYd+=qb-{ܹP wnW.re"DB_M!kWP[ k 9\*kqY-5rD G68*!GyG#Ѿ3c?Z/s|sve/CMF=9K*^c]"wA}oxCǧ8l5kqהs"=vz>am)a~O(zR@c(MX&_6Na ؤؼZl6`lR|N"Z,Lbo_󒈅 ӆX(+6=\l ɝ1`sIaD[?xDmR_԰7װlldLoQpϻ#ACw~nR?5zʿ7܍@=<-={TRR~>l.1 /, xZMlE~ر88BZIl'ji(ETM+@KB*!q,J[Q'897 PÛe;YUk2ffgfZp*(1{v vh^1APRs=-KZk"_^18݋&1E ?ަ,ƞ&'$ͷ=iކsȺs 8V@K2Hj} T[T 3T܂99^HkIvkv-d}sX0_mXCp- ga>LfϷƃWB`m;NS>1^]-hѾKq". '{76 w?:~as0%±'#7~9D\lٶKpgC@kߛ(b]w;'b..|]#;7 2B,976bGܨd_X4Ś[8ڏ`> 'G׽5Kp9v.;qܠ`jTq}sގvVנ~k]m}O(\}j7h bOobv o!,aWdK֥Eغ]kZ[x}̖}l?;5:nrMas o)SM>}bc)vmkuI):֭?Ebv->4Zrs/dxh!d]ϼa%58L>fgވmDm0yi%uHS9lϼaT13/8O:3u]tC%mSTvXkǺ]y727Ԥ`k`k"lM6MͱMG^k9l [ l ؀z4zȧ=6o ^ ^lRipel*e ۨmTm|:l>+U7یmFmxaIފ b VR4J}gü ._(}wܶT0ʹR{KV68nG@=.v90jCPuH.(xZMl[Eqhપi:N[RpDQ"bVMC%'89 RQR$Nv,!q`"UEBpR% ϳdqJV7Z}~3߾x)]zn |T7'cփH~/,j4`cupvՏך{.{46Ó4ߎĆJ}ΡфϝZ@ϟJ}+T!/..fo}17cT.zZtc=5vi$8CY:NuKW!| 0R\GIA؄=}_BŠ[?m;->{>5^])hҟXoqο Ztۦu#*;GnڏsfJ'ݵ˷Znt+L{9(CM>QxŭjuYnt$;S׽*,Ru ),ǖ0q[*w9Rjhշp&Z4Vg:t_aj?/Bu^'la8l0Xǐ+n_Zm'7_o-w:ncQcuCm0C+w^\ޡ]JsypZVp{~]lfs{g9u؋.bO8/`>Ie-%|26Ysx 9K}2Y ѹXkZZx#ĘZy)NfX+[܀-Nn4("Mv:4踃C̶=6ޒ'IIf|uՉMնC>n=&)tlZ%F|u $ ZrkZZIxL&ϼ!Cx" 13oX`6`&lng^Jģ)*m:28E m>󲂷AYqٍ CLO&mSǓۤ$adv#xDģ#T3ۡ6t<"t,ӐxjcgoRM`k3`k#lm̶MͱEVMOG_=l1- l1؀޹غ غɧ̶o[[/aexK lU4i9[zҖmT`5`%2ۦO[ve-6#o3̶[A`+eJ[ɀK߅.1ox<޵u \K?Q~mksn:5Dz's3[E@=?C A6sMv<.( xZ_h[U?7K4L[:%iqCX\DX7&s6 >ჴiM}4!+ Xs{OӭN99w~;ZBE5E,!J.=-c':qK^ț}IkeW( /^a,CC ?ȯY}86qJ}7̡Ǟk[Iϛ6QG,`ȏarr:v٩-kQIנvmNĭ@8YqrUnS~=*AśK ҟ DŰж .4?xSe܅rq2|}P밸n `y߇^ =9;$ (K ; cτnĿ{8®x EIo0?v؃>s9ŭl?,8׵}k'2czS=1`.*N@'.nhvU@eNI)mI@fgߑ}gnud!Zסud8`?g0rag}v_Zn'>jupcDƱj^kԬCVSeԑ;'.o`nK/ 6÷oETIx ZCOaTk'\}# | iܮ-/".ڣvt]vDuqF60\Aj).w'ccW} glnWi)^;=\ɾ ;ӕ=E(ӶVwћڳLog7,LMl1ȃ|^{Σ^-b~EQޔ1yn{jefoak`kBlM6MMMOG}%:% b֩։>$xbغ4غ[M[aKç)a21o ۨ(t&}g-oimZmy&Iފ [q VbJl%gܽ ._('ٶU1ʹZij{IV{[@=9׿B'~. h.(xZMlE~ڱ մ r'^jZZDBUH;Jpr!()'C''7ܐB¼Y_^v'vU3ofvovoC%E-"܉48`AY H>[nc_Zi8܌{T?pu_v'p]'|5r%X%a*(KlØzA̱ؒS[֢4݄['{pUWr">Cq7`?7"~<6U?Gw#/b{m[(iOWqFGw+TMX{/n+M9?Ơ8)?Sqr}붃]'Z?~W2ś{`/D /ʲ㸟kcK;vcO]`D=nNc9[z-Tͩjmd+)뾀F$cqfc֮C PJ=( ̪Tds>#g*<| Z ~'sZ-vo:|ZaQs9Jm\U瑻E G< 8 W/toōĥ\1m®bW§8u_9uu-P9p7/cbOm/`u^ρϞ*LT=i@O]$-^sׂLeBIAUc~efǡGL:p3N7 rF{ޓxLs`8t`i}Hoy˸wm `\\?D/95p|bo7t&gZigv{EaA:]oZQ[ED"$v90jCPu6 "$C A6sMvGB"$׿B'~. A 0AA @8ʚ;ʚ;g48d8duF0ppp@ <4dddd<@0p8w<4BdBd<@0p8w 0___PPT10 v___PPT9XP? -O 5!,Information Session on Underwater Endowments$-&#COverview Finance Advisory Council Meeting February 17 and 25, 2009< P: :Description of Terms Fund: An individual endowment account. Distribution: Annual amount approved for payout. The payment is accrued over the 12 month calculation period. Transfer: Portion of the Distribution that is authorized for transfer to income accounts for expenditure.\Z% ec!Description of Terms (continued) 6"&  &Total Market Value: Value of Fund including contributions, realized and unrealized capital gains and losses, and income. UAS Market Value: Total Market less the accrued payout. Contribution Value: Amount of donor s original contributions and any subsequent contributions. Also referred to as Historical Book Value.rAh ) zTotal Return ConceptProvides for a stable level of expenditures Protects endowment against inflation and investment performance Total return includes income (interest, dividends) and capital gains (gains on sales, appreciation)|,@@@@@d@, @ dBasis for UMIFA ConsiderationFoundations: Uniform Management of Institutional Funds Act (UMIFA). University Endowment: NC General Statutes 116-36(e) and 116-36(f). Rules prevent invasion of principal and protect donor-established endowments.&E 2 Distribution of Earnings Usually about 5% of market value. Calculated based on dollars per share (currently $ 418 per share). Unit Accounting System (UAS) tracks each Fund s units, accrued payout amount, gross market value, and historical book value.@ Cause of UMIFA ConcernsOccurs when gifts added in a year with a declining market. Calculated distribution may exceed Fund s total return. Fund s gross market value may be less than historical book value if transfer occurs. Transfer limited to avoid invasion of principal.Z UMIFA ConsiderationsDistribution of income component is always permitted. Distribution of capital gain component permitted to extent principal is not invaded. 6V=6  U= Example A   Example C   Example B   Example D >UMIFA Procedure for UNC-CH Foundation and University Endowment??. 1. Review Endowments: Funds reviewed if the Total Market Value  Distribution < Contribution Value 2. Determine Income Component: Information on income and capital gain components of Distribution obtained from UNC Management Co. Inc. lPlPYj"JUMIFA Procedure for UNC-CH Foundation and University Endowment (continued)KK!3. Calculate Transfer: Schedule prepared by Accounting Services to calculate transfer amounts so principal invasion does not occur. 4. Record Transfer: Accounting Services posts appropriate transactions. Amount of Distribution that is not part of Transfer is separately identified. V"v%2UMIFA Procedure for Other Affiliated Foundations 33 1. Review Endowments: A UAS variance report for UMIFA will be available in excel. 2. Determine Income Component: Information will be provided in late June 2009. llD2"$<UMIFA Procedure for Other Affiliated Foundations (continued)==3. Calculate Transfer: Using the available information, each foundation can calculate the appropriate transfer amounts. 4. Record Transfer: Foundations notify Accounting Services regarding the appropriate transfer amounts. \%g"X&UPMIFAUniform Prudent Management of Institutional Funds Act (UPMIFA). Enacted in 28 states, introduced in 9 others Prudent investment management Prudent endowment spending Other elementsCZu`PPZC,)'UPMIFA (continued)Prudent Endowment Spending In making a determination to distribute or accumulate, the institution is expected to act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and consider, if relevant, seven factors.R`@P(UPMIFA (continued)ZSeven Factors The duration and preservation of the endowment fund The purposes of the institution and the endowment fund General economic conditions The possible effect of inflation and deflation The expected total return from income and the appreciation of investments Other resources of the institution The investment policy of the institution nPP2L`PPPP K),Information Session on Underwater Endowments-- Questions and Discussion "/!  0` fffff` ?̙ffE` ff333` C3ff3` &u3` ffff` **@fff̙fl` +3[Xd` 333f` 5D`|f>?" dd@*?lPd@ `F `A@`<``( n?" dd@   @@``PP   @ ` `.p>> @ T(  2T ```  "```"  BG p"P`` D0 B  C pBCE6FGIQSTUV.WX@` B C "`` B0 hB  s *DԔ"  0 "{4  T Click to edit Master title style! !$  0 "  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  6\ #" `` `  X*    6 #" ``   Z*    6  #" `` `  \* P  s *޽h ?"` fffff___PPT10i. +D=' = @B +  Radial  0   P  (  4T H X   "H X "  <,p"X  D0   B>"H0 D0 B  C BCE6FGIQSTUV.WX@` B C "h  B0 B  s *Dp"p,$0  0D "py  T Click to edit Master title style! !  00 "x   W#Click to edit Master subtitle style$ $   6| #" `` `  X*    6" #" `c   Z*    6% #" `` `  \* P  s *޽h ?"` fffff80___PPT10. (0 8(     Nsj]j] z%   v* I$$IImm  Nj]j]  ?%  x* I$$IImmd  c $ ?XK  4  Nj]j]  )  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  Tj]j] z   v* I$$IImm  TDj]j]  ?  x* I$$IImmH  0.k ? 3380___PPT10.]p l(  l  l N j]j] z%   v* I$$IImm l Nj]j]  ?%  x* I$$IImm l Ttj]j] z   v* I$$IImm l T)j]j]  ?  x* I$$IImmH l 0.k ? 3380___PPT10.5P0N0  0(  x  c $D2py  x  c $2@   B  s *޽h ? 33___PPT10u..9+D=' = @B + 0N0 p$(  r  S {4   r  S p  B  s *޽h ? fffff___PPT10u..t6n+D=' = @B + 0N0  0(   x  c ${4   x  c $  B  s *޽h ? fffff___PPT10u..t6n+D=' = @B + 0N0 $$(  $r $ S 4{4   r $ S    B $ s *޽h ? fffff___PPT10u..@!+D=' = @B + 0N0 ($(  (r ( S >u{  u r ( S >u  u B ( s *޽h ? fffff___PPT10u.. h+D=' = @B + 0N0 ,$(  ,r , S  Iu{4  u r , S Iu u B , s *޽h ? fffff___PPT10u..7+)+D=' = @B + 0N0 8$(  8r 8 S D]u{4  u r 8 S ^u` u B 8 s *޽h ? fffff___PPT10u..PE+D=' = @B +O 0N0 B:<(  <r < S Xhu{4  u x < c $0iu u  <0 ZA ?AA ?q   uB < s *޽h ? fffff___PPT10u..@Ŗ+D=' = @B + 0N0  t4(  tr t S }u{4  u   t0 6A ?  uH t 0޽h ? fffff___PPT10u..0#+D=' = @B + 0N0 @&PF(  Px P c $u{4  u  &P BA ??   uB P s *޽h ? fffff___PPT10u..k+D=' = @B + 0N0 0'LF(  Lx L c $u{4  u  'L BA ??  uB L s *޽h ? fffff___PPT10u..k+D=' = @B + 0N0 P&TF(  Tx T c $܋u{4  u  &T BA ??p  uB T s *޽h ? fffff___PPT10u..k+D=' = @B + 0N0 p\:(  \r \ S u{4  u  \ S zu  u "p`PpB \ s *޽h ? fffff___PPT10u..pJ(+D=' = @B + 0N0 d:(  dr d S u{4  u  d S uP  u "p`PpB d s *޽h ? fffff___PPT10u..9K+D=' = @B + 0N0 F(  x  c $(u{4  u   c $0u  u "p`PpB  s *޽h ? fffff___PPT10u..pJ(+D=' = @B + 0 :(  r  S `:u{4  u   S u@ u "p`PpH  0޽h ? fffff___PPT10u..}r7[+D=' = @B +} 0 $(  r  S u{4  u r  S u u H  0޽h ? fffff___PPT10i.J+D=' = @B + 0 0(  x  c $u{4  u x  c $u u H  0޽h ? fffff___PPT10i.J+D=' = @B +} 0 $(  r  S u{4  u r  S `u u H  0޽h ? fffff___PPT10i.!^_+D=' = @B +} 0 $(  r  S  u{4  u r  S u u H  0޽h ? fffff___PPT10i.!.4U+D=' = @B +0 @((  ^  S XK     c $ )    H  0.k ? 3380___PPT10.>ӡ"x= x[uɲ$;!qAq $ƶ,'v~FcYr%9qc2ڲ Ih)t+$lK֔i.nc-[3,t$;Rw]w=s=?q걧/#$|0V@N`"B Y0/FGBpzU0R94d%7ȴjnJ!F2&=BnǶqՍPLlJ{(3ؽBP$Ý?A37 AlL#ڏN2oǴ < NºLO't 3 )0¥|)Z 4BXfM!@h: tBa#A&d3[!v[ \c B^*9!a__]J1/#ϘلpJs!\ a2!,p5k ,m#ZAX^ BJ ,P CX 7BXކ5j B7v /P+qdޠ>! B8(!y[ኣy@ .o OG"ߓ asJWG+'0v)^y7HWA!X/:֏L~oA UE9\6OW7Jx7ta3 Vr[i w T.x<<@UNڊs!Mbuԁf չ_Y/K^H}\eO' ؤwTԾJyy(]^mPN)YS#jG] - S䗵>2TӶE5QJO:όwie&}zj T7<0,Zj~Wɺ/K"Jsm&?@(^jJYLo-Tu9pz sm/8%lZ^*h,!9\;gk1RU~H{9/%My3 ;#P4JNŜBl/8ٓ[E^ GfdsoTԲUTbhӖsP)/J8 %-?rYDt_tyԙ|+Դv:6j "hTJj ylvg@^/n npto GEU5Fu0ͮZށ)+;7MW`g5}W}.x{5?!̦hD;.)&G㪏\n:x/ax|^n./Ne^f"fC9)2~,~L-b噵'J@ZRU9&d s싿,1ߩOx}kxNLWqlwp syPޣ.Ri]k_r/U/}h oG26UBxx߻Gmk\/E0::aEWFٳ/K8Pi߄ǼAI`PW!FIL*u;59 [.U[OCij[S/2ĽFb0#k84{hEH5o#ENUD;z[p aAW<O}Ki{c:)sojnP ov@?|\η Qἀ])r[иϳlIr6<| 8|SR}[4w -;y97q:2aF]'qeȴq ǒ%jzH9 =ziAsGh^aoi[LC[+ZWiINjD Ҳ,s4S 6ISYxRrA}Z?Hdr]Y^7FϗHs0]Kgf2Kǝ+.nL!ugq=orӳ#v_$'gK9 h:urQhw0}3[uڱ&=G0Ԥ>|ˆZXL_b:e<DϣHsfuҜe&= a'\RA~NAQ>_H$W A.=/"-2k3>E5R/LK7Z;8^DxO!%;B^~{C$q }"-='A1ľr#o/"z@2m$li{g#i8dQ53{VgRܨ͂E<}n4VH>V&hgc|$r N#G=o£ڄj[lcOѬ?2).l[ l' $ʭ߀7A{_E׼$Qw_Vp嚷[nvsvK6VIG'Va+LDf_Iq܌c ]'xp|OӵIvc*}&Am\:ގvvTO1$YQ)1/Va+ۤEE\lTm3zv7t=`Upe•0,7ͥܞ oViD4=u0|Kl'~$?MI!I8F(K̦k@.F?40Jt>92Ew57>9i/nO\6~/ 񩱸 {Ȑ?S2_,a5O"Mv {t8[IǽFNKH\ق @OJ$߯X?,zaȄ79X?g0Gj,LxCX?2a>quؠ̛#3,\yL7yX?,(Pdgߑ$J+5!Cpq/)8|Måy?}Ͳt?5 ?3Q@s蝹C'.Zj{Bj5?\fc&Xٲ"H`j.O2#ef@amTnX?,YOY?,y-<;RG^7!l!h ߏD4Ix\ޏ&\'*$qZQҕI'ۼ]-j-xQtArr-AV9_b&]5d 12[b}55kE AJEI9/! .3&qu#^w2Ɖ'!^!n!Ō~:|AJCgz|9~ x#z?, 聵j/f'E#ycx1;8镌z9?v=wo`weQ‚ x/0oslKNWf-<̙N=as}v{_Qa1.[tSRl7M87qEțHQ3Eyt) SMReØ[S<4'Oc#4a^ wa7S` h=,y4l 4br7k0-xZ>{iG+Oyr^Kxઌ*J!#0jy.;dG6SX>,{jr M+܏p4zW P5.J+9\bSn'–1z91I!>F6/TD/+D 9l'RN+öq_F"e LzIyfXFY_(zچ\y5]ZR+-`ʧBT0ٽ?8wloTx<H3%7-|FJw|N 9jKڙ~ J4[i &Zp@c[}S}Nom[Uo[Yr˪2O^sGW kk[WkoX , , , K0w@.սr; &; &:fȜ,^rAq[G6Omӵ7([!R@}cˆ2r1`ߒn)pT4? &7=x iGsz/"/:7NCC@47wnhHl"jh8H' Hf!?Ew6vum LL\! `T%CAuHPtvk'jo߹sP%:[a6 #^,$|k}!w҇ba b NI-U HR= .z:G|[U:OP꽭M]ͭ>@7QmZM>{dCgJ@wB1DBO]8j Ճt0Z2턟j$׭o榆@PU{I`r|@=m PG@?X#TF졑X fwCgFl&TdЩ]|oeUnh6F!:@e"@ "bPwWk(![C(tV,FIgL148^!Ѕh8L!P䂼j϶p7q BO$SFzH RRD5=PԿURc]]V,+x51n ;`2 /Ѓ9 j w0* v~t&׳z5w:aSbCj;qACJf M m魽f*iZ[c@=|B=] ^_}릖->-s Rnhd(&'}*nABAF:v-mWC6"%T-Llv#Tx*Dk.Qe; Ck? C7# 1MYbpSC15iIMl0Bo)S`nCǪ 3@ㆶu>ʮ[}o<|!x= xTՕM&$ C@Q A$ g~T8I&d Ig&~ԿZkݶn[j]~]V`ۭmvnW9ΛLBAޙλ?{9﹟LzǦ : <ȑt(Fq STa(h0bmzUbdNU5䐚\+VF~+ƭ#:GT7A!8lIɳ݂I_/Є4lM :n>~͆VPP ݌' C\~?3Z;\LC7 TxPn2sѕBǁ˰2t -D]9 t]n +]n)em+UBW΋T=*tuV]=tl{Q NegJ ̫/.q@`Nip:fLtt磛tt3ѕn6 ]nk%.E7=](4#נkA׊ tk`=k]zt8/>vt7@׉ ]7oF #!GEE +vۉFt7݇ ~;݀h˟H4\v}A6za>lxd\E+؛{l::Y'i|^30҇F nA%)`` +RB~n6+++#WVX'4Qd@(i׊Ω2_QudZ݉@2/J5;*]/@.t*簫)fMw5@$ ,?U[gSVP"-}E>o黀2=Յ:}7B)eWP|191`(^2YQ9T4zűu#YnVߍHx&h,!XtS\)ϔG{Y]볒[Yh^5h񇢨vZȱ2YrBgrT[T1ճ2F= @̳; -[n:k-IZ(~bxgѬ|u w{`'J/4uw;`g׳. b\aR޼G@ q&r:2wjd_ǾQw+H tDva~Gԗ{B= = y9ؓܽ Gp$؉@u8Y2 Q-Q8mq,uYa$M⿙e&txޗͮ'x/ᄒFXHCPײ/ٯHT?k9kC ϡ"JR곚?:tZ? skt_sPm:N 㒝lrd [/9dOyj OkkgO3LnG|fCƂwaܻ'k$Qc=k^}i)xSȿ9A+y-d'f889n|ۄ_?d~}|eC*  pT!7~_kV"VzBlb0⽀|6O8LUH~ܒGO7F*=Z¦<jʇ1RIL*©Nfr&K7WA霫CT.Y9nISaFe柍eY YҜaYMԙ's?iF!VlKZT6m p:亍ʓpURk#zÅcp' K; DkW|^n,El9vr e=]k1P*7i8jCW|:GPX[PF>Sʦ<'unz z N /&s<M2h^?>S-DxU7201yYFzK4=.JsoGZQz-ʢg~+<,ЛQtr-FOZ5Г,J^fA@ ?O89?/+V%"-/?h\Y.OOi7B^NC5Ȼnؓt/[M?=o8]:|M%\tm`8I|?xZғŵX5:ƃ0{nўvcS⁋XД+Ź$'p:qI 3UTs< j_Ҋ-#9{m%^&M-㜾?ԷOgyǓA~Rx.b`\˓Mg,y&="-uQemUorŏ*$yypwqiic=6Q;@Dy@i[#|+gԋ(b\#%'x 8_i/Fk:\ 5Hsx$He: ~_Dinov_DOv@yDY ]y  \K="|?n-!Za7#thA]7 mBNNSta??=N?Kl/>!Kse; Dj_U}ov3Wc7?<.?_E{0YO.^œgxXM8ܛkgQ͹eͦ7TP)*ĺl9mA;/dam D7XPv2MYlӒm:-5bܥce?6l?mtO̤_t)_sH?]^;ci"//`ni#o]YC[E627R`ni#[J ?9t)_sHߊ޴klNg,3 6R~) bLuB_=!_elC?l?6 oc`~z.3X_ U)ͭeBW1GlHD{6u36飛ߗ.fmnV᱐Y_)D},7MW~"HE&n#czi& *8mRL+D,HG+yׅRX=Z[6\7LF|1MW䜷8M.]7JakI~1l[J\&=pc_ۢ?Ex,dnWC>n7MW>mL/pG39ѶÂRL+DwJA~™d"pf"™B"&p~H+_9gѶς}}RL;!Q䱓_Ha2mn ]nnᓡmK+ ^;CT?=jHv*gz? Ip&QmG-h;i;*>Jdis[usg6 & RxLӐ(S3ANm"Fa3k%™Mmk$Sa@y216L6ɂIIR8S L ,HUiHlmzʶ6o ߶ommߨ,z?5mlh 3d4><hJY}[mm8mp&MGMeJ763Mi۞AvhmA9gR4^@foh{Ԃ6Jss$i7$ߎh;fAI$Y^{!Gc36sY.T߅?/N~#y<^ \>8"; sT_F[8|)? ="1~fkIOy&)$?IRE|i,h.ļO'F 4yi&Kiw񼓴R䝔[heh.[V6͵I4Kw]R4$Ѽ]˻=EIywk4NA$jMQޤz}4E&{DHz${LXz xxN6uzep oNH'k@sʠg's\:< 5r:$ϖ"uISBeC 쿄O;YS_e+UA:;.-Rgyxȥ$~ps:lYf*kd醋E`%33UK~}KCH%BǑJ0aAAtqRNzDyq8xEĿ^cp+8~U_b?$R<AO>A5~>>:~܀x3|?NF9' D"@i :i(] Z4bWv<=| {F𢫁V ! Ѝ}itdh?b8ĕJI_xV֊!&.ptbQ1v؁"^ V5{@d5ʦQO޳Xtb+cY{w74]3,rw~K.o\rsynҟ鳱f[|3ױ߼k ^7߽_=^O U|sЪ9uǃ|Ч ew׽9D֛o_x^x-=_ޒ¯rUo't?Oݘowտۼg.gӗn:tʼn]Y[:87 ޺u,6+K ;4Akao~}‹O|M_8=pM7n짫Th;?_gbŗWκ{ɧuycz}+x#sη._~+~?={lמh󻎾n[cp* x=db -;󛓗V=O~it0g_\ŢbrϟX+Yb`q硸ĸs61(eP^^^8TM )eU4OSV4ds ?y+g|Oa,ōT^SxJJfi$~n*WR .6אBNfK1Y(c3Lj(aci3}b:c:M*G!|ȃJIe#G=zl5u93A0_NHKB%mf9mO{71|a?~ql?)F?6] _StY-Nx~fy狺e58Y?_MiXrz?NB[][|])דO3'0YS|G3YZjW&rx'e?\mgZu?i?O{3=I?O{lit'ƥXΓC+aQ6@z!HCò|𺞅ꡔ}`Ùqꚫ5-jZWVy-},)fI}?\p3ի|-E` 6` 6` 6p΀;Wwܹp`~\pS2y\pS2r\1{t83 7$2jDu1Mo_eoYpov9uUR ;Yc?&WA3JCG%Pwfzp}'Wx\ ӗ&j؞/OE-}{ jהK9̻+\l'1{q]ʼnl8AKO[VY? Ī!mjihmZAք@|-h ?M B~RUfbKʠ @@o`}DZPkk@C+o5mM8# ,,;bahCk6vm_ܭ}Ha! OG}]l BSwd{Zj|\SHk{~Eh m5mK0ju3<Q$޶vvm$T#P rM5jm״%ի0~}C}m7&肞E^L w6G$Hg#NQ'ج (kR4PW^VuMN3Ȇ֪Pʚh[rLh D;QŘ#(dj) C( +FeOjGbPju!3&1/]>U$ oOssw8 "PXM@$u R"Nlkt #b [j.^^Mb SqZvRgj"ie F+Qdn u?6aÂԚ@o޺݆ ; DQL=D`UZIfl jAzSW.qZM {b(65 %tbVy}5M764U̵@<fMbOr 릞 yC!ʙh%P6Z0-0j!eRG7a*H!BXO+⨚w9B]h%N#"Bx{a:Qo3Y5SB@ۏ[{[Ӓ[hO[ D$N{5ͫ a :ʩuo!x= tŵ,ϱHcHB۲8|#XD\Ip!GJ[Ri)I{M[x )mi GM)Q~~άFݕ7{uF3s;;'=O4p5"&aڻ###<Ă1m$(q/ &۴` E$[9a%^=Xp硁[~$Mx%m&HcӨF( 6),{nG K4|&|M Ky)QpФ9vz{8 B2qs(4𧃻 ps ,p%.wٴow9y%{[Npn#djp5j:ԁ2zW \ \cZ##!nEE |-nwQ񟇑qJ|n!28p8Qd<[2BpS]d~|\m[\JpU\sh[]Kp "!ր[KP Y:p׃pM|u'3-r{Ҥ1mӯ+Qdê9H+g0d̻gy0a>/ =a-3DpkGHm"Xn)Sa,<*1\qp~YYR*?-[>'(J6[qHTK/R]@?F2fTa-@& Z"RiyI⤘vimPOi߸ˬa9-/]?Uzdc% X~)}ޜ7Fw m{jve'? TFJJ2*Uy]J3t(Cq.MQ_YF1 hak3շrʤtp[mtnS Fa` /v3Vq2Sr+uYS;¾`4RNES VF>c_SnO왢 5[+áH oZt[x8FN,YjW66ɱr6 olToX/:3ǎB-ǵQQ;fNK={HV^m F-n-BM>YR#p-L鶆斶cNbڒC$"q8߱דc$u4:Uj }b \Sm[yXN "Vl\J`^0 s6QV)t^g(6ڤ4)y[㺷uomi!^o Y?4H]?}?덾lf0]si)^_*İ ?0s#TH ~6z %TAXi̛Gt0hA;s\ў/ Qw~(ox`|_#{q.g+v;62Ƃ`44Vg-.9L-s"HUB16ߩ-}7eb~5kt'-&Ɵ_?n/ v0>6)E\1 C?x[~$tPK}uIFc(\/`Akw]"$_D=N4>+ (gO$'a*ަz2llveȫ`)+nWmÿ!.ZZnqɌ\5\upY֥\ Y٫U6k.!1@K; xkWlF=̖98Y vh!q|=x! 4넼H߈!V_wR1<:_'e3 n61X![_.19 BOh{/H0h>U7>i>;)o\i/4 ΞT+ܤZ7$Z:1$ yb8t<b~NEN4'%d <ؓ9=ei"qwg0zIpx$Txx v^Jy&=νU^wz<PKKBC~2;$|uӁgVHKOs\8 )^ÃUL~Fm@r(e art9q\,+PUFꐖv0}=mUӗ'Y:ޭ(O++2iwa3|[ DǗv>ӎ3᧬udLbwxk?1oI{x5/3 2Dg_'q~H㧶[Ǎv>a:m$vy.!ltw৳~exY_X0s\G=|? mY^*qDʼڸ4ۉ5uK??O2XΥ?MYzu,Xtq^ L=({4uN{y!-bVScx~q~'[0> tlgۮl|*J˟عpṲ%bŏHv!{AIǑ&wk~{L2km]? ^hʘ#7Zh<1#3i۶35ib<g/E?tHsӳyޙgΖ?xhc?]L_D?ٰkeZShyhfDm;"1Meddy^fq =nO=DsFkOe$A1?湤LQ:d#YH]Zs73u0CFccmy<c .G-m *ڪmUB|{G3yb~綌ty+2bq<)H< h㸇\HEG#m#DZY1%dG8FELq]Z!sv8!X_x}fb8<5o&`cm ~f3'2b䚷mmy|$~5?u18ޯm mmX;I>c'q"m.].fLцpT2G9+pD(G<'Fc1?Bs\LcڎvvL1ďy3y`is u1;4gr6 XL$^FqÌ6G 2@E Fq\~~3EN4)WOܾdbnBm mmxh6p6/+&ڇ-e߲[Ti߲'eiC?,e>-jYI!6YI2gD՛VU/3io^m mmx&4k3L7fld~mm{iCحm mb8qߵpy1 c,cpy-IGXx@r4/9N"Ę/)jٟ91ʻ6L}_ Iڌm\{!ΐn#o.?8`o,H BVsTJ,Y8!/JMO(~Hi3՝Mǐ](/y yY}+=+`*xw;Akw/֔?Ҟ)):곳/A^헠Js5+J:XЇ|V+Ē*5č# d2nYV[\в%!>I9(%Pw+"**2Q|7 %B"TzI©CS_.rB\b6v2~LC1ݮT?>G~+yc- O4& iMVϏ, !tH'8.ƊeTB-eഔe&l")Ipj6䟶D=N&qRyJ&|BW O*T)U$XJ/[JR*ܞ%ḻ|hyVͳTIUHJ)T*$JfzoJhK"g4o5xIx T)mK±m C-#Ii_|4hږd4$OԾ$ڗIU{7 &zZv* -Ly*&Rj%uT$:IQ{}$ $ZX*:@URGH@8 m'~$#_q&4@h~\ JYca,iqd$e''-fsūߋ44We+L([\שe%).lJs_hޮݞUw'ywv%iw_Bv&i`BGv&ihB'vO$i1gTKv #' g jv}30` ,'\vwK!-(_9 ~8}z[5(/_"ߦe~MSleeK5]dn0ɝ!C9RfاLϚ?kVYܥȆ33 Dz:iQL7җhEkŌ@" 9_>%RI]V^ئc,-8͖, jBoM$.ծC6 o1NYp>2u!I( @2#\bZ1C'JW:KcJ-lj=ZHYό6i[`x[pw㹕rOH p6;ACvP ONZjt>Y.ĔIBJ9R*vò cypd<ꞟh0/2m׾zFy fnKE\xk@YP ti=d O5ʾWSWN~9MGo)C1!" ;(.D>m{YC\iHE"LILeXR $ >B,NV֊!*|N,N]>1%FɎ~ ւUF_DTU_[=E*zںGxSKSo6]s<+ڢ1'?|_h愙agx;vVs="ËϾ΢/~tgO|uCfw]}k__[|o*xk NgVƒth˥W5/?URm[ڛo'0' a?OoT(OF~m=9Zx3DL8w'6} V0-MiNMXӲ1ͮS6['͡S_N}N\<qw(6I?-<<.%FuޙtQ`J`DrǠH-TNcN&wƼlgcyʩ7sм,,s)R@.Ұ4ʷBXN 4bҼ 3Ʋf|1Ѽ"H%}.N~]m+ ߢ4W |(v\f M%/tu%9ӻ#l")ް <>b0e2b9+@x?|==uAgT`%5; Sn%ilpI+5[A) O!4ga:34MZ2բ4tn>_ǞE}v~5B5>Bz/ k!.-0`4g#ֶ"-^w;;KڍJl.<\)ZTy7~Zb ^[`X7N2\xm0ٽ98x,޻m,t,83fτ_(ƇC"،ٜsԆ3ïzk$4%Hf|O]ۺ5ֆiKʗ:k^Po?|ޏ\%_Dkko[NX`X`X`83 h΀\`19Rdrdj&πzvπ|dz΀ĝ YA@Y?2scl(y0ɍ{F0O(Ns>᜝GJ?]5B }gMb=OqWV$ ГCnJYMq>w}H$;qJ}qߎG|w=.Lg9`W"ފ 6j; 6܌Nb;b.B=xߋx@c>D7"5.Db7xݏ؋؇x>D?C 0Av 0A!Í ײg$j׳oeri0m#.A\ N]] !G܀q+]Bx߆[w >0K9<2F|CGCGÈ81 "JQn=FLՏ1,xҳD37x3A%zql}4lhUdhܭe?ʗf p[@pLiaL֫(-W4pAÞXQӰ$@d,O.xdpyOQסxԄa+2>M ,9@!ͻGw rshKLk:0&R>4 EZ&1hFY |P{4\Ucҙ-El@;C`9h8J.ݟoįj/w=Z$CFIt$~%t|UxF[k̿n7KeߢK| R"6x %퉬 ߮U0:jDץym:] o%fHii- 4O/~x [4^ÏwSثBTjEIW_y۝غg_qN Zg|K"1M2"~{)W >'S)=g.۴"R5NnwS.#ܙwb'h`΍)_! 䢨!oo6d6Ǟ&>H)p(3EE^GD~'EgїtgbcMϏlHdyC~}[#weȷ=ns9g7~_\J0>Z°U  α@׍UC=MHҗ7НQZq4syz(6|x)=n0șn=KV .DLn4ՊY}g:_r#h .9_D|<3i]ݿlWvv/˯hM=ɺ$%/}ňlȲ5sL۾ƍۗN(hI&Ig_v^wj_֑Wj_vc q.U6斔lBvc{rNwƟ ݚe/VdzacH|&ﵑ M̵lnl2ɸn!ϗlY(c2ɸY!l %!/&^I?'٨=e#l2ߒMQ+[/Ho񟟞hl忳NC i=LD=.W-;YNxعcVg<'"o+K_l,>injXWU[jvUN n~yg\G)Q)Yn (+iJDҡX(Kuȝq_MIZ˄|\ͻ F`<R\.#5-՗^Voϗlr,[=='*yk7S4j)ͣl=z&@?u^j&3tvHv-YtVo˜w<{&ݝסES~VEl'bf 3UcvJ_g\P4r4i+)m^%+i`;E6tC%w:U--WcLQ+lƲ6e"Z!ҭ.[ȭ͒כlgdʔK+sV,/i̔Li+K %[^|sMF\ I)VϚ[h*Y!.{7kɷ-W_metLfj5szk[vkN:۞m}NkjIf{91uE2rkZŵ,k{Rxu9o]m{Q骷HW9]Rm17ys6 zq9^ K'J޶ixۊx{r2L#3,݋g2R/ vam 3UJĢ:|q~ YؘA!Ğ=%W2^¿H&V' Ȯbve=B7#46g?1}'oQak>Wugv) ]cj5X+QM붭[2zÛ]kkn[]~0R6;Ќ+Hk˒ (ѷd{xX7P(6]fB& >FC3D3eo_>J_e*-;λIfFׯ7!]As+S+.6zmIzNW!Rk:N_lCƖYlUސu{c@aʩ#l{ Ǵ#83}&N|m~ .h5BAVlf~,^ [6ZmNaz5|FrHKؼa\{^<[QQF[4dM_U@z)8\pP]T`ϰ\d-˰Q 2R`^{87۽+SkwvTtxMtfDC~R:{Lw**}MpjuS>yrivq? 5xi` HƾwI_,IwEb<^a8I)r x NDb$o(8^?'ሒ6vnP4e@w0?0G !0‘PT€.c=~耯ۋdw?~O+{q Gb`8سIG;Xuuz2)# VTD(uxj%30FDDy,tjB#:g8wʕS~hX΃Y ̠ȱ$5Ɉ0s 1#U!@C7&"Eo/Hcx ++GSc2D<XUl x)Ό'C1l" y&p2$Xű|ɰLaHPD Q5Iֈصh{tgGhwu2;z0pMj%KoRg2h̍2w0ŠxhM'zC N"5X*3i$= կ>翺:U翥:1|.PW:-W|:UWD;lND!Kv75/6!dLOE jc3+HF6 (e4=d߄Ugq5ˎ[_'YABL|Y`ၪ nF3Op˹B~_W ^:=2yJDŎwj B)xf&Vin>% }} Mf#g75vBMt (@~_)K ǙZ!RFZuZwQ`p-8;c} ֊N2׍6=ߠaqZh!Kl77ڽAv?"zPv\"AqvM)/v@Ee3W1{^&V˕`iFY,_lJW`ۈn})^dN,.xkkrk[,{/a1cӢl:|^P@-pwzuw=>xy?w(b<_9O~K$@ (P@ <þoV0w/w d1գU),Z/pЗjٕBѝ-~Ж1V3RM\D(9Vc}7 |eӦW1V#:+`%/{Ţ,JKc)ޜ$n]pk9ng[~2s9nqWn=M°[q , Sk `) j]܇pvw1ϚSAj7‹ϰLP (V~E.Iy,tiWXvL[4{BwR aS Ga)C(ض^*e@DDn|l!ۆ~.D|*e!tzlQϤ}ǝ ՕGgK rBX2Y B9 (*nŒvB 5P B=Bh B+uTl ln6A A a vp$tB Z%Z0C@yF0^; GnWs~p9?S_0_#XJBR`83IaQ;BA8@:@L5|ۆ>v^-ST:eg0 4™/us\v<Մ| Xų?);5,(p^5a7y|/\[qC:AKp@ȍAa, oJj挡u^gx-jsGNDN4^x} =Y!ZmݪEa4>IDž^[orUߜA}eϫX#uu#vz@gkW}-r߷['<ɍ02Xh'Hb#YMZ H #A(>:;*cǥi`vv.#.j[Z_ cy|jHZ;cqHFmT,<7!KrȫԾaFq> iy5l`k6QPڹ3ZYy]Z"J0{[uU{~$ɢgvѾ@Opg`rKsiUΧzs#:BC^/6@mHk}]u­v0jEf!' NIS 8A.w]5Rc [cؽt+z Y[TF1<⮬YCVτ:yQeZhIAqds "Cp9/܆vhq\zSCAԁ;:۹=bJ<:xCnxvx\xūhkv}ήyXVNj؉к^ \iy蕱JN^H!c(S6n&9eIv~>kW%"/+A?p> םxUȯ?"dҲ qǫqd + •evOBBN2NN"Ëx?pUNЏpX*dO7sL,#KICȮ~*:uJ+5 |Wby Td1/΍da|;Ý&MXG. @]ڝ3.6Z%ع_Y.Aee{jἣMC{.l x@\3wLn l,ey Ý{%1KacM?ޙS*.O}D^2y(ϯq<#O=ı3eK22yD^|L<<{ټ_"pSyj/b6|ix@!>We9IdI6.=/"o$gqyY=x'Tb>6$z/qS?|/ ְXV`o-醻 q``ƢN \`S:7 a*ˈz3$#`Jy8O ZI?ʳC=c>?)ؿ2y|q o8a{$VxO›ГՀg+1>+H7/&Q1ϩDtXFB7h_?rJ/JQEz$tn4VI=&hXGb|DR Z'鑴G=o%:JVy+ңm 3H=& / /;@ʼ9؊uk:No]$Zn] c<ty)&h1*%Osu8Q1ϩDtEF8Fe;Y:H΍nm xx,ң}EqAӈt:׼=:$mmmch{L/t:<7g[N~Dӹ"r;d=c + /hF9x;ÜRz4$c/Hic7g[N~O¥v PwDA?;cc~DA Z't:N&$cD8)1/L`+Ct:I1e4n$ewǔݧ/ bx>{(Ib={4IGc={"I'b={*IHL:OKڼ{7H.k LՐ ĖI~nS0', M]g *(Ygrvqazs$ȝ&UȽv%4TCf(1mފMsEbӼiޒI&& #D4REtqK|| ]e47, hnY]D J$OneMjrHdH;Ҩ(S88r7D_N3䒆ހ 2L<9 qy.` x'K _H6Bl,=@/?K;,VxbƹViL 'gmM0wm-b:&H%Y0K&"JBZnUȇ]Caȑiq=oO?" *>n,=3TGԂ:.-cA&t:mi\F)~=^O1!Pd|rh Fz#_₽zR 4CCd EY.i_%TEt,X'䑌T'a10u80r$]\).*)r5Ar5VֺJ5J+2|)z{]CI_Ŋۯ?~SpW8o7>nRS}ů]ǔٞeYyË/׻{˅Bk?8TX[wol&7_е;Ûny{o-?9g>7Wj;-P.%oLr_u{w^+ ^~+df7opp}CߤrΪZ.7e'j_й[~>)isnƷ; C]W\mr]%{_?0;WOU3ny>x߾Gs~pݻU;|鷟tO=‡'{Wʙ wݖ̥?tvGh4!.TOp#_ξR Z|BXjx&,~ΟhP&Pg ǹs lf-N}8ešˎCn#J?r l(۹gy쁏< as>϶t TAP$ X^6Ln>^y42ٓ&gy_ sSx(c',{^PBNtMYyYwh)i^>̡)̡E ʑrF+`op{⩰.q 1\a%a%L#VX].drM+tu ,l geLR  <1"0 B9#3e4vyt M*S)#*er8;sO_DńV[+шِtŹwUOl(>02_*s?86e6/($߷W'V)4 @ծ+*QC h_ ]Ze8= G̪ܶTd(?-xUb!=Re$ "H\cyb]䝩dve%Krg{,p2x6gb] /u"yDƑHL?~|*OU'O#"/|L`dc$z\ ny3ƛn7RLgƛ}Mw{*=>3Xۙg侮wp-cyNn%o' o87oO}~*1d7̿?L|h%L̯_ʌR A*W~!;ow5~072n5NZGm48NcXiTȠ bÐ#{rĺ7d5VhJ QYx.Ɔ~{6&OSG\.j#a'\=q))ՍJl#%CvWm`%:`O9uU5%\_RP&5ݭZwKԩ^Oˮ4l *YRitr=[|Ơ^yûV=q-Cts'`{6 6wVNiʆچ*7j)5V.EԚZ7^VR Pk[0"!PQ^YFzOE oWt0P UC5Bk*4~C]mקӾߵYU`lW:/jlA졓X wekK:&xdԶuW&[k[k`14[ݠkm!Y !&btn"Q{5}^?2/DZZ2UsoOO ;@U` @ YO rmw{`"Uv;jvɥ&҃f xڡސg'ۚkږ.mҶ4]t̪{}fX{BL` "k ]KXn {;W{|-Q԰n5XqACJf ]8 :*i[[kjw:>E۪+U 745ժ!'HڈIoMN\'n8r}AF:䜪w~LPDxi ^jx=Blv#UԄxD"jQb| jv QC7l+Fb}*pktpj;bk;`^R =ŪAqu.5P r.X<SUqX []f` ce0nkFq t vMi0)5 0wF #p>B|}y~n# 6))1Oh+'0" hp    (4<@ Distribution of Investment EarningsUNCRadialjonesg155Microsoft PowerPoint@oNxP@x=@J"*G g  X &*WMFCXlx EMF@F(GDICx!b $$=='% % V0xx x % % $$AA" FGDICF(GDIC`F(GDIC #`!b $$==_888f% % ;U<X(<6JX(U61X(J6X(<1<=<@ "`% % $$AA( " FGDICF(GDIC#( !b $$=='% % V0"888% % $$AA: $$==_888 f% % V,.88% % $$AA( : " FGDICF(GDIC9( !b $$=='ff%  ;|6|X4[ |  | [ ||6|=<>8 % $$AA" FGDICF(GDIC57!b $$==_888% % W$37Q Q% % $$AA( " FGDICFGDICF(GDICl.wFGDICF(GDIC6ljvFGDICF(GDICrlwFGDICRp@"Arial Black|Arial `<(\@"Arial Z 0 u %O000(4 %**huud00 %0\dv%    TTqtAAtLP1 % ( F(GDIC6FGDICRp@"CalibriF|Calibr3(\@"CalibrZ 0 u %O000(4 %**huud00 %0\dv%    T)k&AA)%LtInformation Session % ( Rp@"Calibri]|Calibr3(\@"CalibrZ 0 u %O000(4 %**huud00 %0\dv%    T'x0AA/L|on Underwater Endowments % ( F(GDIC8aFGDICRp@"Calibri|Calibr9(\@"CalibrZ 0 u %O000(4 %**huud 00 %0\dv%    T|?8Z@AA??L\Overview % ( Rp@"Calibrif|Calibr9(\@"CalibrZ 0 u % O000(4 %**huud!00 %0\dv%    T K~SAAR LFinance Advisory Council Meeting % ( Rp@"CalibriM|Calibr9(\@"CalibrZ 0 u %O000(4 %**huud00 %0\dv%    T'Ur]AA'\L|February 17 and 25, 2009 % (   x--$xx--'f--.%$%' * . U X\^^^^\XU.*'%$$--'--$!!--f-- $!!--'ff--8 "(.3788--'--%55--'@"Arial Black??-.  2 t1."System-@"CalibriF??-. $2 %)Information Session .-@"Calibri]??-. +2 /on Underwater Endowments.-@"Calibri??-. 2 ??Overview.-@"Calibrif??-. 72 R Finance Advisory Council Meeting.-@"CalibriM??-. +2 \'February 17 and 25, 2009.-՜.+,0    COn-screen ShowUNCK\' CenturyArialTimes New Roman Wingdings Arial BlackCalibriRadial!Microsoft Office Excel Worksheet-Information Session on Underwater EndowmentsDescription of Terms "Description of Terms (continued) Total Return ConceptBasis for UMIFA ConsiderationDistribution of Earnings Cause of UMIFA ConcernsUMIFA Considerations Example A Example C Example B Example D?UMIFA Procedure for UNC-CH Foundation and University EndowmentKUMIFA Procedure for UNC-CH Foundation and University Endowment (continued)3UMIFA Procedure for Other Affiliated Foundations =UMIFA Procedure for Other Affiliated Foundations (continued)UPMIFAUPMIFA (continued)UPMIFA (continued)-Information Session on Underwater Endowments  Fonts UsedDesign TemplateEmbedded OLE Servers Slide Titles_)jonesgjonesg  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)Pictures!Current UserSummaryInformation(4"PowerPoint Document(*DocumentSummaryInformation8