$1.3M
a year of forgone return on $33.0M of cash, above the $6.0M reserve, at the 6.0% hurdle
Asked: “What is our idle cash costing us?” · Barlow (sample) · book as of 2026-09-11 · Idle capital against the hurdle · engine sibyl@2026-09-15 · first sealed 2026-09-12 · seen 4 times
Superseded method · engine sibyl@2026-09-24 answers $397K. The engine of 24 September answers $397K on the same book and the same policy. It charges each entity's next twelve months of capital calls ($12.0M, paced on $34.0M of unfunded commitments), dated payments and loan cushions against that entity's cash, has each entity's owners fund what it cannot pay, and keeps the foundation's grants-only cash apart before any of it counts as idle. This seal still replays to $1.3M under the engine that made it: the method changed, the record did not.
bd80cdd24904106a2f66a1b336c011062f24b2c3e47170b95ca8956f1fe2ba80e24d37b483e4b6f647872fc1d193952d7e1cdffa7a48f2d11643b692bef1cfbe — the content of every table on 2026-09-11; a changed row changes thisrows 101, 102 — the assumption rows in force on the book datesibyl@2026-09-15what is our idle cash costing us?Same book, same policy rows, same engine, same question: same hash. Ask again in five years and, if it lands here, the answer is the same. If it does not, one of the four changed, and the ledger says which. The hash above was computed when this page rendered, over the body shown at the bottom, with the same canonical form the family ledger uses. Show the math, row by row →
$397K a year of forgone return on $8.7M of cash nothing has a claim on (and $2.4M the foundation holds for grants), at the 6.0% hurdle
Same book, same policy rows, same question, a newer method: a second record beside the first, not an edit of it. Both fingerprints verify; each replays to its own answer under the engine that made it.
6cee2416f070c799cc571863044d673920c022695b375e7db8346efac2fea6b2e24d37b483e4b6f647872fc1d193952d7e1cdffa7a48f2d11643b692bef1cfbe — the same as abovesibyl@2026-09-24 — sealed 2026-09-25what is our idle cash costing us?| Entity | Cash | Claims | Paid to entities it owns | Idle | Earning | Forgone / yr |
|---|---|---|---|---|---|---|
| Barlow Dynasty Trust | $8.1M | $1.5M | — | $6.6M | 4.1% | $125K |
| Barlow Family Foundation (grants only) | $3.3M | $851K | — | $2.4M | 0.0% | $147K |
| Barlow Holdings LLC | $19.8M | $15.4M | $2.3M | $2.2M | 0.2% | $125K |
| Personal (Joint) | $1.8M | $1.6M | $223K | $0 | 0.5% | $0 |
| Total | $33.0M | $11.2M | $397K |
- Hurdle rate 6.0% — ips §4.2, effective 2026-06-30 · set by M. Okafor (CFO), approved by J. Barlow (principal). Long-run expected return on deployed capital per the 2026 investment policy statement.
- Operating reserve $6.0M — minutes 2026-03-14 item 3, effective 2026-03-14 · set by M. Okafor (CFO), approved by J. Barlow (principal). Twelve months of office and household spending plus the Q3 capital call, held on purpose.
- Hurdle rate 5.0% — ips §4.2 (2024 IPS), 2024-01-01 to 2026-06-30 · superseded by row 101, kept. An answer on a 2025 book still reads this rate.
No engine defaults were used. When a family has not chosen a value, the answer says so next to the number and links to the Policy page.
| Account | Entity | Custodian | Balance | Yield | Days idle | Drag / yr |
|---|---|---|---|---|---|---|
| Operating account | Barlow Holdings LLC | J.P. Morgan | $14,200,000 | 0.1% | 61 | $560,172 |
| Sweep (money market) | Barlow Dynasty Trust | Northern Trust | $8,100,000 | 4.1% | 133 | $319,535 |
| CHF deposit (Zurich) | Barlow Holdings LLC | UBS | $5,600,000 | 0.6% | 200 | $220,913 |
| Foundation checking | Barlow Family Foundation | Charles Schwab | $3,300,000 | 0.0% | 239 | $130,181 |
| Joint checking + savings | Personal (Joint) | Charles Schwab | $1,800,000 | 0.5% | 41 | $71,008 |
| Total | $33,000,000 | 1.18% | $1,301,809 |
Drag = (cash − reserve) × (hurdle − current yield). Reserve and hurdle come from the policy ledger; yield is value-weighted across the cash accounts. Nothing here forecasts a market; it prices the gap between what the family said it expects and what the cash is earning.
- ACT · Operating account, Barlow Holdings LLC: $14.2M idle 61 days at 0.1% · $560,172 a year — Our decision: the balance above the reserve goes to the T-bill ladder; T+3 liquidity covers payroll and the Q4 call. (J. Barlow (principal), 2026-09-14, approved M. Okafor (CFO), review 2026-12-01)
A decision must point at a proof that exists. It cannot be edited; a later decision on the same finding is a new row that refers to this one. On 2026-12-01 it appears on the family’s Docket.
Exactly what was hashed, in canonical form: keys sorted, no whitespace, numbers to twelve significant digits.
{"asOf":"2026-09-11","bookHash":"e24d37b483e4b6f647872fc1d193952d7e1cdffa7a48f2d11643b692bef1cfbe","dataset":{"columns":[{"key":"account","kind":"text","label":"Account"},{"key":"entity","kind":"text","label":"Entity"},{"key":"value","kind":"usd","label":"Balance"},{"key":"yieldPct","kind":"pct","label":"Yield"},{"key":"daysIdle","kind":"num","label":"Days idle"},{"key":"dragShare","kind":"usd","label":"Drag / yr"}],"method":"positions where assetClass = cash · 5 lines · drag apportioned by balance","rows":[{"account":"Operating account","daysIdle":61,"dragShare":560172,"entity":"Barlow Holdings LLC","value":14200000,"yieldPct":0.1},{"account":"Sweep (money market)","daysIdle":133,"dragShare":319535,"entity":"Barlow Dynasty Trust","value":8100000,"yieldPct":4.1},{"account":"CHF deposit (Zurich)","daysIdle":200,"dragShare":220913,"entity":"Barlow Holdings LLC","value":5600000,"yieldPct":0.6},{"account":"Foundation checking","daysIdle":239,"dragShare":130181,"entity":"Barlow Family Foundation","value":3300000,"yieldPct":0},{"account":"Joint checking + savings","daysIdle":41,"dragShare":71008,"entity":"Personal (Joint)","value":1800000,"yieldPct":0.5}],"title":"Idle capital by account","total":{"account":"Total","dragShare":1301809,"value":33000000}},"defaulted":[],"engine":"sibyl@2026-09-15","framework":"Idle capital against the hurdle","judgements":[],"policy":[{"effectiveFrom":"2026-06-30","id":101,"key":"hurdleRate","value":0.06},{"effectiveFrom":"2026-03-14","id":102,"key":"operatingReserve","value":6000000}],"question":"what is our idle cash costing us?","rows":null}Computed from the family's own book by deterministic tools, with every assumption stamped. A record and an analysis, not investment, tax or legal advice; decisions rest with the family and its advisers. Sample family; people, sources and dates are fictional.