The Foundation Board of Directors approved a revised endowment distribution policy at their

May 2017 meeting. The revised distribution policy allows for a 4% distribution in the first

quarter of the fiscal year based upon the endowment moving average over 12 quarters ending

December 31st. The revised policy places collars around the effective rate allowing for no less

than 3% or greater than 5% distributions, provided there are earnings to distribute. The revised  

endowment distribution policy should provide for more consistent annual distributions of

earnings over time. As a result, the Board approved an endowment distribution of $962,823

effective June 2017 for the fiscal year 2016-17, $1,531,998 effective July 2017 for the fiscal year

2017-18 and the Kellogg Legacy Project Endowment allowed for a distribution of $2,357,554 for

the fiscal year 2017-18.

If you have any questions or would like further information, please contact David Prenovost, at