liangfeng

Hum... I don't think I agree....

Foundations liquidity needs are defined by the spending rule...

It does fluctuate over time because a fixed % spending of fluctuating assets does vary but in essence, the foundations are not required by any defined liability to provide any other funds than the required 5%...

If it's purpose it to increase the amount of grant-making, then yes, the liquidity needs should increase year after year but if it's purpose is to provide a constant stream of grants year after year adjusted for inflation, then it should remain relatively constant on a real $ basis...