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July 19, 2010 - Image 1

Resource type:
Text
Publication:
Michigan Daily Summer Weekly, 2010-07-19

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Ann Arbor, MI ONE-HUNDRED-TWENTY YEARS OF EDITORIAL FREEDOM Weekly Summer Edition

NEWS
UMHS ranked
among top hospitals
U.S. News and World Report
rates the University's Health
System in its latest rankings.
>> SEE PAGE 2
OPINION
Hurrah to the...sun
and blue?
Wolverine volleyball players
Lexi Zimmerman and Court-
ney Fletcher discuss how.
>> SEE PAGE 5
ARTS
Return of the Ann
Arbor Art Fairs
For four days, the city streets
will be overrun by artists and
collectors from all over.
>> SEE PAGE 9
SPORTS
Chris Blais has found
his niche at 'M'
The redshirt junior soccer net-
minder has hopes of returning
to the NCAA Tournament.
>> SEE PAGE 12

AKE FROMM/Daily
University officials convene for the July Board of Regents meeting at the Fleming Administration Building. The regents voted to reduce
the endowment payout rate to 4.5 percent at the monthly meeting.
Regents lower rate of
endowment spending

Student to
fill post on
DPS emte.
Replacement chosen for
oversight committee
after student resignation
ByJOSEPH LICHTERMAN
Daily Staff Reporter
A replacement student representa-
tive for the Department of Public Safe-
ty Oversight Committee will step in at
the next committee meeting after one
of its two elected student representa-
tives resigned last spring.
LSA senior Deandre Hicks, a mem-
ber of the Defend Affirmative Action
Party, finished third during the March
elections, and according to MSA regu-
lations, will be selected as the replace-
ment for LSA sophomore Ellie Howe
- also a member of DAAP.
The spring elections were the first
for student representatives on the
DPS Oversight Committee - respon-
sible for hearing citizens' grievances
against the Universitys police force
- in over a decade. Previously, rep-
resentatives had been appointed by
the Michigan Student Assembly, but a
Michigan Daily investigation last fall
revealed that the practice was in viola-
tion of state law.
The 1990 Michigan state law that
allowed four-year public universi-
ties to establish campus police forces
required the institutions to create
oversight committees with representa-
tives directly elected by the students,
faculty and staff.
In a student-only vote, Howe and
LSA sophomore Hari Vutukuru of the
Michigan Vision Party were elected as
the student representatives to the com-
See DPS, Page 7

INDEX
Vol. CXX, No. 144 1 2010 The Michigan Daly
michigandaily.com
NEWS ..................... 2
OPINION ........................4
CLASSIFIEDS ....................i
CROSSWORD ............ . 6
A RTS ....................................... 9
SU KO KU ..............................10
SPO RTS ............................ 11

Decrease in
endowment payout
rate to be gradually
implemented
By JOSEPH LICHTERMAN
Daily StaffReporter
The University's Board of
Regents voted 5-2 to reduce the
University's endowment payout
rate from 5 percent to 4.5 percent
at their monthly meeting Thursday.

University officials say they
believe that reinvestment of the
extra one-halfpercent will increase
the net worth of the endowment
and result in payouts that are larg-
er, or equal, to current payouts.
In a letter to the regents, Tim
Slottow, the University's execu-
tive vice president and chief finan-
cial officer, said the change in the
endowment payout rate would be
implemented gradually to keep
current payouts at or above current
levels.
"The distribution rate would
be implemented gradually over a
number of years in a flexible man-

ner that would keep the dollar
amount of distributions per share
constant during the implementa-
tion," Slottow wrote.
Regents Julia Darlow (D-Ann
Arbor) and Denise Ilitch (D-Bing-
ham Farms) voted against the pro-
posal.
Before voting, several regents
explained their position on the
measure. Darlow said she thought
decreasing the endowment payout
rate would send the wrong mes-
sage to the public.
"Proponents of decreased
spending say they're preserving
See ENDOWMENT, Page 7

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