We have good news on three fronts related to your spendable income calculations for fiscal year 2016. First, total market values continue to increase. Second, accounts under water (market values less than historic gift value) continue to decrease. And third, spending rates will more than likely increase - 4.0% is the rate that has been recommended by our Spending Committee and it is currently pending approval from the full board. The trend in these three areas is a continuation of the last few years, which has resulted in a steady upward trend in the total spendable income dollars each year as shown below. Additionally, a number of accounts are still holding onto unspent dollars reflected in the carryover number below.  

As state budgets are tightened please remember that you have a growing source of revenue in your Foundation accounts as you're putting together your FY16 budget.