If the endowment value decreased and hasn’t been performing well, what are the necessary actions:
Change of asset allocation to decrease risk might not be an option since it might fail to achieve the goal of preserving value of assets on inf adjusted basis into perpetuity.
I guess that if taking more risk isn’t working (results are still poor) maybe a chagne in invrestment manager could help. Or maybe markets retursn overall are weak and we need more time.
Is a decrease in spending rate allowable? - probably yes. Also maybe some “recapitilization” (ie. look for more contributions:)).