The annual payout distribution for endowment funds is reviewed each year in mid-January. The process begins by adjusting the current endowment payout-per-unit by the Percentage change in the Consumer Price Index (CPI) for the preceding calendar year. The adjusted payout is then measured, as a percent of the twelve-quarter average of endowment values, to ensure that the new payout falls within the approved spending range, as set by the Foundation’s Investment Committee. If the adjusted payout-per-unit falls outside of the range, the payout is adjusted further so that it falls within the range. After the new payout has been determined, it becomes operational at the beginning of the upcoming fiscal year on July 1. Accordingly, each fund receives the new payout as a quarterly distribution in September, December, March and June. The payout distribution is posted to the income/expense fund before the close of each quarter.