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How the Higher Education Endowment Trust Fund works: history, income and distribution rules
Summary
Treasury staff told a committee the fund was created in 1999 with $6 million, now holds just over $67 million, distributes a statutory 5% each year with an optional 2%, and relies mainly on occasional estate-tax receipts and small unclaimed-property transfers.
The Higher Education Endowment Trust Fund was established by the legislature in 1999 with an initial appropriation of $6,000,000 and a subsequent $1,000,000 addition, Treasury staff told a legislative committee on Jan. 30.
Deputy Treasurer David Chair described how the fund is structured by statute to serve three beneficiaries and to make a mandatory 5% distribution each year, with an optional additional 2% distribution when allowed. “It’s always been the same 3 beneficiaries, with the same 5% mandatory distribution, with the caveat that you don't eat into…
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