b'2018-2019 YEAR BOOKIllustration of $100 Million InvestmentCarnegie Returns vs. Average of all Educational Institutions (2004 - 2019)$450.0$400.0 69Carnegie $351.1$350.0 Average of all Educational Institutions $335.0$307.4$300.0 $279.6 $270.3$260.6S N O I L L I M N I $ $250.0 $218.0$191.3 $240.0$200.0 $170.4 $181.5 $216.4 $227.9$161.6 $147.9 $192.0 $196.6 $192.9$150.0 $135.8 $133.2 $166.3$116.9 $163.8 $149.3 $148.9$141.9 $137.7$100.0 $109.3 $121.1 $111.9 $125.3$100.0$50.0$0.02004200520062007200820092010201120122013201420152016201720182019Average returns for education institutions are taken from the NACUBO endowment study.Endowment Spending Rate as a Percent of Endowment Value6.0%5.3% 5.3% 5.1% 5.3% 5.0%5.0% 4.8% 4.9% 4.7% 4.8%4.9% 4.3% 4.9% 4.8%4.0% 4.6% 4.5% 4.3% 4.6% 4.3% 4.7%T N E C R E P 3.8% 4.1%3.0%2.0%1.0%0.0% FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19% of Total'