Collectively, the endowment’s 1,464 individual funds reflect a 240-year tradition of philanthropy sustained through careful management and the unwavering generosity of alumni, family and friends.
Exeter’s endowment spending policy is designed to maintain purchasing power over the long run and to provide relatively consistent support to the Academy’s annual operating budget. The amount of the endowment spent in any one year is based 80% on the prior year’s spending (increased by inflation) and 20% on the market value of the endowment (as determined by a four-quarter trailing average), multiplied by Exeter’s endowment draw rate of 5%. Since it is only partially based on the current market value of the endowment, this spending policy helps shield the operating budget from short-term market volatility.