According to Robert J. Flanagan, author of the 2012 book, “The Perilous Life of Symphony Orchestras: Artistic Triumphs and Economic Challenges,” it would be a mistake to divert every cent of the 8.2% interest the endowment earned in the last fiscal year (according to Beckwith) to the operating budget. There are expenses associated with endowments, and Flanagan said a responsible annual draw should not exceed 4 percent, or in some cases, 4.5 percent.