$1)$With an endowment portfolio of $$25$million and the stated cash flow needs for $$the next $3$ years$,$ calculate the required rates of return objective for each of the next $3$ years, assuming that the earnings generated each year are enough to pay the budget cashflow needs and leave the $$25$million invested to continue growing.

$2)$Calculate the average annual rate of return $($geometric average$)$ required over the next $3$ years.

$3)$What is the Investment Horizon here? Is it part of the objective, or a constraint?

$4)$Assess on the constraints we have seen in the Investment Process framework.

What is its Risk Tolerance or sensitivity to risk?

What is its need for Liquidity?

What are the tax considerations, if any? Are there any regulatory or legal issues to consider?

Are there any unique needs or circumstances to consider?