University of Otago managers will have a little more money in their budgets again next year.
The freeze on distributions from the university's Otago Foundation Trust investment fund that has been in place since the start of August will be lifted next month, chief operating officer John Patrick said yesterday.
"The trust has received advice from the investment committee that improvement is expected in 2010 and has decided that distributions will recommence from January 1," he said in a statement.
The charitable trust was established seven years ago to administer donations, bequests and sponsorship money.
Interest on its investments, which total about $100 million, has been used to fund fellowships, scholarships, research projects, student services and some salaries.
It was expected more than $5 million would be distributed this year, but the fund was frozen to protect its capital base after interest rates fell sharply.
The university's 2010 budget shows the trust expects to distribute $5.41 million next year, provided the required 7.5% gross return on investments can be achieved.
