Why not distribute the current year’s actual market return?
ANSWER It is, of course, possible for the current return to be negative, as occurred in the period 2000-2002 when the stock market declined. Without having a blended market value, funds could not make grants in negative years, and it would not be possible to ask agencies to give money back to the Foundation. What we are trying to do is achieve stability in the spending amount so that one year’s distribution does not vary precipitously, up or down, from the prior year.
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- Why not distribute the current year’s actual market return?
