{
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            "type": "heading",
            "bbox": {
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            "text": "Underwater Endowment Funds",
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            "level": 3
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            "text": "The target annual spending distribution rate and management fee represent maximum amounts that can be withdrawn annually from individual Endowment funds. The administration, at their discretion, may reduce or suspend withdrawals from individual endowment funds that are underwater. The administration will define underwater endowment funds annually."
        },
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            "text": "Spending distributions and management fee withdrawals will be suspended on all Endowment funds underwater by more than 20%. Endowment funds that are underwater more than 10% will undergo a formal review by the Office of the Controller and appropriate staff members to determine the appropriate level of spending distributions in accordance with the following factors set forth in the Kentucky Uniform Prudent Management of Institutional Funds Act:"
        },
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            "text": "",
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            "children": [
                {
                    "id": "p50.4.1",
                    "order": 5,
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                    "bbox": {
                        "l": 109.92,
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                    },
                    "text": "the duration and preservation of the Endowment fund;",
                    "marker": "-"
                },
                {
                    "id": "p50.4.2",
                    "order": 6,
                    "type": "list_item",
                    "bbox": {
                        "l": 109.92,
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                    },
                    "text": "the purposes of the Institution and the Endowment fund;",
                    "marker": "-"
                },
                {
                    "id": "p50.4.3",
                    "order": 7,
                    "type": "list_item",
                    "bbox": {
                        "l": 110.4,
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                    },
                    "text": "general economic conditions;",
                    "marker": "•"
                },
                {
                    "id": "p50.4.4",
                    "order": 8,
                    "type": "list_item",
                    "bbox": {
                        "l": 110.16,
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                        "b": 488.046
                    },
                    "text": "the possible effect of inflation or deflation;",
                    "marker": "-"
                },
                {
                    "id": "p50.4.5",
                    "order": 9,
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                    "bbox": {
                        "l": 109.92,
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                    },
                    "text": "the expected total return from income and the appreciation of investments;",
                    "marker": "-"
                },
                {
                    "id": "p50.4.6",
                    "order": 10,
                    "type": "list_item",
                    "bbox": {
                        "l": 109.92,
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                    },
                    "text": "other resources of the institution; and"
                },
                {
                    "id": "p50.4.7",
                    "order": 11,
                    "type": "list_item",
                    "bbox": {
                        "l": 109.92,
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                    "text": "the investment policy of the Institution",
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            "type": "heading",
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            },
            "text": "New Endowment Funds",
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            },
            "level": 3
        },
        {
            "id": "p50.6",
            "order": 13,
            "type": "text",
            "bbox": {
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            },
            "text": "Spending distributions on new Endowment funds will be delayed for at least one year in order to build a reserve for future spending distributions. The administration may modify this requirement depending on partial year returns."
        },
        {
            "id": "p50.7",
            "order": 14,
            "type": "heading",
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            },
            "text": "IV. Investment Policies",
            "attrs": {
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            "level": 3
        },
        {
            "id": "p50.8",
            "order": 15,
            "type": "heading",
            "bbox": {
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            },
            "text": "Diversification",
            "attrs": {
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            "level": 3
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            "id": "p50.9",
            "order": 16,
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            "text": "Disciplined management of the asset allocation is necessary and desirable. Diversification of investments among assets that are not similarly affected by economic, political, or social developments is highly desirable. The general policy shall be to diversify investments so as to provide a balance that will enhance total return, while avoiding undue risk concentrations in any single asset or investment category."
        },
        {
            "id": "p50.10",
            "order": 17,
            "type": "heading",
            "bbox": {
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            },
            "text": "Asset Allocation",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p50.11",
            "order": 18,
            "type": "text",
            "bbox": {
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                "b": 145.2
            },
            "text": "To ensure broad diversification, the asset allocation will be set with the following target percentages and within the following ranges:"
        },
        {
            "id": "p50.12",
            "order": 19,
            "type": "text",
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            },
            "text": "4",
            "attrs": {
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        {
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            "text": "ALL POLICIES ARE SUBJECT TO AMENDMENT",
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        }
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