PHILANTHROPY ON ANOTHER PLANET
Submitted by Tommer on March 30, 2009
Paul Brest continues his discussion of the National Committee for Responsive Philanthropy recommendations on the Huffington Post.
Although there are good reasons for a foundation to spend down its assets today, there are also legitimate reasons for it to continue its work in perpetuity. NCRP acknowledges this in principle, but–characteristically of the Criteria–only puts forward one side. In fact, its mandate to pay out 6 percent of a foundation’s assets in grants probably requires the foundation to spend down and therefore decapitalize.