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  "authorName": "J.P. Morgan",
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  "notes": "Includes a donut chart for investment vs spending, a bar chart for spending allocation, and a comparison table for endowment size impact.",
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      "kind": "callout",
      "text": "Why not spend more? Most endowments are meant to last in perpetuity, so they generally have limits on annual spending to reduce the risk of running out of money.",
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      "text": "Most endowments are meant to last in perpetuity, so they generally have limits on annual spending to reduce the risk of running out of money.",
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      "text": "Bar chart showing spending allocation: Student aid 48%, Academic programs 18%, Faculty 11%, Operations 7%, Other 17%",
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      "text": "Source: 2024 NACUBO-Commonfund Study of Endowments®. Average endowment spending is based on a 4.8% spending rate, with 48% going to student aid. Full scholarship amount is based on College Board's Trends in College Pricing and Student Aid 2025.",
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