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Osher Lifelong Learning Institute

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October 20, 2008

October 20, 2008 by

At the Board meeting on Oct 17, I explained the result of the recent addendum to the agreement between the Osher Foundation and the GMU Foundation concerning our $1 million endowment. This addendum will have a major impact on OLLI because the payout procedures have been modified.We will now receive either 50 percent of the average annualized rate of return achieved by the GMU Foundation applied to our endowment's principal amount or five percent of the principal amount, whichever is greater, less management fees of 1.75% – meaning we can count on approximately $50,000 per year from the endowment.

Furthermore, with this revised understanding, our chances have increased somewhat to be eligible for a second $1 million endowment when our total membership reaches 1,000 members. We now have 847 members, consisting of 767 full members ($350 dues) and 80 Loudoun members ($125 dues).

Pat Carroll
President, Osher Lifelong Learning Institute at George Mason University

Filed Under: President's Messages

OSHER LIFELONG LEARNING INSTITUTE
AT GEORGE MASON UNIVERSITY

4210 Roberts Rd. Fairfax, VA 22032-1028
Phone: (703) 503-3384
Fax: (703) 503-2832
Email: olli@gmu.edu

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