Financial Modeling of Withdrawals From an Endowment Portfolio

DENVER, CO, July 7, 2003 -- Today, the nonprofit Investment Management Consultants Association (IMCA(R)) releases the Journal of Investment Consulting Volume 6, Number 1, Summer 2003. In the article Financial Modeling of Withdrawals from an Endowment Portfolio, Stephen Kessler, CIMA, CFP explores whether endowment funds can still deliver on the implied promises that accompany their solicitations, and whether that promise should be modified.

The latest bear market has left endowment funds nervous about the sustainability of their spending policies. Many institutional portfolio values have been seriously impaired, donations of appreciated securities have slowed to a crawl, donors have become more cautions, yet beneficiary needs continue to grow.

Spending policies, a prologue of the past, simulation results, modeling future returns, the Federal Reserve model, extending the model, bonds, foreign stocks, real estate and conclusions are covered in the article.

The Journal of Investment Consulting is published twice a year by IMCA. The Journal of Investment Consulting is the scholarly publication of the nonprofit Investment Management Consultants Association (IMCA). Editor-in-Chief Edward Baker, CEO of Alliance Capital Limited, and an Editorial Board of prominent investment consultants and scholars solicit and publish original articles and research on investment management, capital markets, fiduciary practice and ethics.

Founded in 1985, IMCA is a nonprofit association whose mission is to promote education, ethics and standards for the growing investment consulting profession, which provides consulting and advisory services to retirement funds, pension plans, foundations, endowments, family offices and wealthy individuals. IMCA bestows the Certified Investment Management Analyst (CIMA) designation on qualified investment consultants who complete a rigorous education program and agree to abide by IMCA standards.

For more information contact Lorraine Masonheimer at 303-850-3083 or visit the IMCA website at .

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