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id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-namespace">Endowment</span><span class="mw-page-title-separator">:</span><span class="mw-page-title-main">Wikimedia Endowment Spending Policy</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="This article exist only in this language. 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class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikimedia Foundation Governance Wiki</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-pt-translate-header noprint nomobile" dir="ltr" lang="en"><a href="/w/index.php?title=Special:Translate&group=page-Endowment%3AWikimedia+Endowment+Spending+Policy&action=page&filter=&action_source=translate_page" title="Special:Translate">Translate this page</a></div><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="mw-pt-languages noprint navigation-not-searchable" lang="en" dir="ltr"><div class="mw-pt-languages-label">Other languages:</div><ul class="mw-pt-languages-list"><li><span class="mw-pt-languages-ui mw-pt-languages-selected mw-pt-progress mw-pt-progress--complete" lang="en" 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.mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}html.client-js body.skin-minerva .mw-parser-output .mbox-text-span{margin-left:23px!important}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}</style><table class="plainlinks metadata ambox ambox-notice" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Wikimedia-logo_black.svg" class="mw-file-description"><img alt="Wikimedia Endowment mark" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8b/Wikimedia-logo_black.svg/50px-Wikimedia-logo_black.svg.png" decoding="async" width="50" height="50" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8b/Wikimedia-logo_black.svg/75px-Wikimedia-logo_black.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8b/Wikimedia-logo_black.svg/100px-Wikimedia-logo_black.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span"><b>This policy is approved by the <a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/Wikimedia_Endowment#board" class="extiw" title="m:Special:MyLanguage/Wikimedia Endowment">Wikimedia Endowment Board of Directors</a>.</b><br /> Please note that in the event of any differences in meaning or interpretation between the original English version of this content and a translation, the original English version takes precedence.</div></td></tr></tbody></table><style data-mw-deduplicate="TemplateStyles:r170245">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl 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0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:720px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}</style><table class="sidebar nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle"> </td></tr><tr><td class="sidebar-image"><figure class="mw-halign-center" typeof="mw:File"><a href="//www.wikimediaendowment.org/" title="alt-text=Wikimedia Endowment" rel="nofollow"><img alt="alt-text=Wikimedia Endowment" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b6/Wikimedia_Endowment.svg/150px-Wikimedia_Endowment.svg.png" decoding="async" width="150" height="35" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b6/Wikimedia_Endowment.svg/225px-Wikimedia_Endowment.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b6/Wikimedia_Endowment.svg/300px-Wikimedia_Endowment.svg.png 2x" data-file-width="512" data-file-height="119" /></a><figcaption>alt-text=Wikimedia Endowment</figcaption></figure></td></tr><tr><td class="sidebar-above"> <big><a href="/wiki/Special:MyLanguage/Endowment:Main" title="Special:MyLanguage/Endowment:Main">Governing documents</a></big></td></tr><tr><th class="sidebar-heading"> <hr />Policies</th></tr><tr><td class="sidebar-content" style="text-align:left;"> <ul><li><a href="/wiki/Special:MyLanguage/Endowment:Bylaws" title="Special:MyLanguage/Endowment:Bylaws">Bylaws</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Code_of_Conduct_of_the_Board_of_Directors" title="Special:MyLanguage/Endowment:Code of Conduct of the Board of Directors">Code of Conduct of the Board of Directors</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Delegation_of_Authority_Policy" title="Special:MyLanguage/Endowment:Delegation of Authority Policy">Delegation of Authority Policy</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Document_Retention_and_Destruction_Policies" title="Special:MyLanguage/Endowment:Document Retention and Destruction Policies">Document Retention and Destruction Policies</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Board_Member_Expectation_Statement" title="Special:MyLanguage/Endowment:Board Member Expectation Statement">Expectation Statement for Board Members</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Gift_Policy" title="Special:MyLanguage/Endowment:Gift Policy">Gift Policy</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Investment_Policy" title="Special:MyLanguage/Endowment:Investment Policy">Investment Policy</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Open_Access_Policy" title="Special:MyLanguage/Endowment:Open Access Policy">Open Access Policy</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Spending_Policy" title="Special:MyLanguage/Endowment:Spending Policy">Spending Policy</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Whistleblower_Policy" title="Special:MyLanguage/Endowment:Whistleblower Policy">Whistleblower Policy</a></li></ul></td> </tr><tr><th class="sidebar-heading"> <hr />Charters</th></tr><tr><td class="sidebar-content" style="text-align:left;"> <ul><li><a href="/wiki/Special:MyLanguage/Endowment:Audit_Committee_Charter" title="Special:MyLanguage/Endowment:Audit Committee Charter">Audit Committee Charter</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Board_Finance_Committee_Charter" title="Special:MyLanguage/Endowment:Board Finance Committee Charter">Finance Committee Charter</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Governance_Committee_Charter" title="Special:MyLanguage/Endowment:Governance Committee Charter">Governance Committee Charter</a></li> <li><a href="/wiki/Special:MyLanguage/Endowment:Grantmaking_and_Community_Committee_Charter" title="Special:MyLanguage/Endowment:Grantmaking and Community Committee Charter">Grantmaking and Community Committee Charter</a></li></ul></td> </tr><tr><th class="sidebar-heading"> <hr />Other</th></tr><tr><td class="sidebar-content" style="text-align:left;"> <ul><li><a href="/wiki/Category:Wikimedia_Endowment" title="Category:Wikimedia Endowment">Category</a></li> <li><a rel="nofollow" class="external text" href="//www.wikimediaendowment.org/">Official website</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><style data-mw-deduplicate="TemplateStyles:r132375">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar ul{display:inline;white-space:nowrap}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em;width:6em}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Endowment_policies_nav" title="Template:Endowment policies nav"><abbr title="View this template" style=";text-decoration:inherit;">v</abbr></a></li><li class="nv-talk"><a href="/w/index.php?title=Template_talk:Endowment_policies_nav&action=edit&redlink=1" class="new" title="Template talk:Endowment policies nav (page does not exist)"><abbr title="Discuss this template" style=";text-decoration:inherit;">t</abbr></a></li><li class="nv-edit"><a class="external text" href="https://foundation.wikimedia.org/w/index.php?title=Template:Endowment_policies_nav&action=edit"><abbr title="Edit this template" style=";text-decoration:inherit;">e</abbr></a></li></ul></div></td></tr></tbody></table> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Purpose">Purpose</h2></div> <p>The purpose of the Wikimedia Endowment ("Endowment") is to act as a permanent safekeeping fund that can support in perpetuity the operations and activities of current and future <a href="https://wikimediafoundation.org/our-work/wikimedia-projects" class="extiw" title="foundationsite:our-work/wikimedia-projects">Wikimedia projects</a>. </p><p>The objectives of the Spending Policy for the Endowment are: </p> <ol><li>to aid the Wikimedia Projects by sustainably distributing funding;</li> <li>to preserve the Endowment principal and sustain purchasing power into perpetuity; and</li> <li>to operationalize overall spending goals in conjunction with the Endowment's Investment Policy.</li></ol> <p>The Spending Policy shall adhere to the principles of Uniform Prudent Management of Institutional Funds Act ("UPMIFA"). </p> <div class="mw-heading mw-heading2"><h2 id="Spending_Rate">Spending Rate</h2></div> <p>The target spending rate for the Endowment is 4.0% of the ending market value of the Endowment's investment portfolio in a given fiscal year. At no point will the spending rate exceed 4.0%. The Finance Committee has the ability to adjust the spending rate down to 2.5% and up to 4.0%. </p> <div class="mw-heading mw-heading2"><h2 id="Exceptions_Process">Exceptions Process</h2></div> <p>If market value and/or economic conditions materially change the performance of the Endowment's investment portfolio, distributions may decrease to 2.5%. If management anticipates a material change in the spend rate above 4.0%, the Board directs management to consult the Finance Committee promptly. The recommendation to reduce or cease spending is at the discretion of the Finance Committee and requires approval of the Wikimedia Endowment Board. </p> <div class="mw-heading mw-heading2"><h2 id="Operations_Budget">Operations Budget</h2></div> <p>The Spending Policy is grounded in assumptions related to the operational needs of the Endowment. As such, the spending rate is governed by budgetary needs of the organization as well as annual grantmaking goals. We shall aim to avoid negative spend from the investment portfolio in market-down years by restricting grantmaking, as needed. </p> <div class="mw-heading mw-heading2"><h2 id="Restricted_Gifts">Restricted Gifts</h2></div> <p>In partnership with the Community and Grantmaking Committee, the Treasury and Finance teams shall monitor and report any gift restrictions which may impact the Spending Policy and the overall decision-making of the Finance Committee. </p> <div class="mw-heading mw-heading2"><h2 id="Policy_Ownership">Policy Ownership</h2></div> <p>This policy has been approved by Wikimedia Endowment Board of Directors and is maintained by the Finance Committee in conjunction with the Treasury team at the Endowment. </p> <div class="mw-heading mw-heading2"><h2 id="Review_Cycle">Review Cycle</h2></div> <p>The Finance Committee shall review the Spending Policy on an annual basis, at a minimum. Modifications to the Spending Policy can be made following a recommendation by the Finance Committee, a review by the Governance Committee, and upon approval by the full Endowment Board. The spending rate range of 2.5%-4.0% as well as the general spending approach shall be reevaluated when the Endowment's investment portfolio reaches US$250 million valuation. </p><p><br /> <i>Adopted July 20, 2023 by the Wikimedia Endowment Board of Directors.</i> </p>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1&useformat=desktop" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://foundation.wikimedia.org/w/index.php?title=Endowment:Wikimedia_Endowment_Spending_Policy&oldid=450852">https://foundation.wikimedia.org/w/index.php?title=Endowment:Wikimedia_Endowment_Spending_Policy&oldid=450852</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Special:Categories" title="Special:Categories">Category</a>: <ul><li><a href="/wiki/Category:Wikimedia_Endowment" title="Category:Wikimedia Endowment">Wikimedia Endowment</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden category: <ul><li><a href="/wiki/Category:Maintained_by_Advancement_department" title="Category:Maintained by Advancement department">Maintained by Advancement department</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 25 November 2024, at 19:45.</li> <li id="footer-info-copyright">Text is available under the <a rel="nofollow" class="external text" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en">Creative Commons Attribution-ShareAlike License</a>; additional terms may apply. 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