While many investment committees take time to review strategic policy for the endowments they oversee on an annual basis, too often that simply means reviewing the asset allocation plan while neglecting the spending policy. The only permanent link between the endowment and the institution it supports is the spending policy — a critical component of endowment management that should be revisited just as frequently as asset allocation. In this session, experts at Commonfund will review trends in spending methodologies of participants in the 2022 NACUBO-TIAA Study of Endowments; implications on risk profiles and strategic asset allocation; and explain how the right spending policy can help achieve target returns.