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1 1 (October 14, 2021)

handle is hein.amenin/aeiaedh0001 and id is 1 raw text is: Key Points An examination of payout rates of the largest American phianthropic foundations reveals that the growth of their financial asset s i ignifiant y greater than the per- centage of increased wealth d istribruted as grants. Foundation payout rtes ar ual signIhcantly lower than those of the Individua ch ritabl e accounts known as donor- advis:d fundt (DAFs;; growno hilanthrpc fin an i a l vei ice. DAFs, their relatively high payLut rates ntwithstarning have been targeted by proposed legislaion ..ned at increaoing those rates. Lare `ounrations, despite controlling far more wealth and distriu.un * ' uow rprn' o assets, hve' nat bE'r sing>d ouL The ub-- anta nrease in the assets and extent of US pr vat e fou. nd' ati ns over` te past 10 yeais sugoest that foundation payout rts right be . icread in slg.t . .ub-- stantial asset growth. 1dcaly, AnericCs -lrg prvat fo.unIh=tiins wuld do -his vi- untarly. e Foandatan should, as be' practice, sek to aign grant payouts'i h ass grth, rather than settling fcr ah-ering t. the percn minn nn oein , tey ou bo. o oth better fu-r ll eiir mission and p'rempt wha culd be potena, regula.ory demands. At the same time, asset growth should the occasion for oundatons to rflect on the perpetuity issue----and regu lation should call for exlicit indication as to whether foun- dations choose perpetuity and, if so, why, Among his legendary list of accomplishments, Ben-- jamlii Franklin can be considered te firss founder of a version of an institution that wou d become a hallmark of American philanruopy: the char table foundation, In 1798, long before the Ford, Rocke- feller, or MacArthur Founidations, th farsighted inventor of bifocal lenses, in a codicil to his will that had previously left most of his fortune to far- ily members, stipulated 2,000 pounds-equivalent to the salary he had earned as an agent in England for ----sa hsets---for phiranthropy H divided tne funds between Boston, the city of his birth and youth, and Phladeiphria, his laser home, H{ Wever, crucially, he specinled that the funds not be quickly disbursed, bit rather be used over time to miae small loans to help young married artificers in set- ting up their business.

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