FMX Home
Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 22 – Donor Restricted Endowments
Sample (Illustrative, may not tie to exhibits)

The net appreciation (cumulative and unexpended) on donor-restricted endowments presented below is available for authorization and expenditure by Sample University. The university’s spending policy for endowments reflects an objective to distribute as much of the total return as is consistent with overall investment objectives while protecting the real value of the endowment corpus.

The target distribution will be between 4 and 7 percent of the moving average market value of the endowment fund over the preceding two years.


Donor- Restricted
Amounts of Net
Reported in Net Position
* There was a negative fair value adjustment totaling ($XX,XXX.xx) for fiscal 20CY or there was a positive fair value adjustment totaling $XX,XXX.xx for fiscal 20CY.

Term endowments are reporting $Ø (zero dollars) for net appreciation due to the endowments being underwater for fiscal 20CY.
True Endowments   $  10,071,050.27 Restricted for Expendable
Term Endowments                      —    Restricted for Expendable
    $  10,071,050.27  


Variances from prior year-end for expendable and nonexpendable balances:

Changes from Prior Year Balances
Endowment Funds Increase/(Decrease) Reason for Change
Expendable Balances
True Endowments $ 1,500,000 Fair value increase in portfolio
Term Endowments (27,650) Fair value decrease in energy stocks
Non-Expendable Balances
True Endowments 2,000,000 Donor gifts and bequests
Term Endowments (50,000) Term restrictions expired
Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact
Comptroller.Texas.Gov | FMX
FMX Sitemap | Contact FM
Accessibility Policy | Privacy and Security Policy