Funds in the Corporate Governance Program Fund are used to support the activities of the Harvard Law School Program on Corporate Governance. The Fund is a “spend down endowment” fund that has both the flexibility for principal to be accessed to meet current needs and the benefit of monies being invested in the Harvard endowment until they are spent. The administration of the Corporate Governance Program Fund, and of the Corporate Governance Program whose activities the Fund supports, shall be accomplished in accordance with University policies governing such funds and programs, which may be amended from time to time. Under current policies a portion of the amount made available for annual spending may be applied to defray direct and indirect facilities and administrative costs.