Academy Journal Volume 58 - Page 49

  • Operating Fund Contributions (Chart 5): This shows the significant increase in contributions to the annual fund from fiscal 2012. We also see in recent years the level of giving is quite volatile. Even so, we are blessed with very generous donors. • Payout rates (Chart 6). This shows the NCIF payout rate which applies to our non-operating en- dowments and the effective payout rate on our operating endowments. It shows that we reduced the effective payout rate on operating endowments as a result of the reductions in operating deficits for fiscal years 2012 through 2014, a slight uptick in the rate for fiscal 2015, a continuation of the reduc- tion for fiscal 2016 and then an increase for fiscal 2017. 49