 |
 |
|
Fault Lines in Payout Debate
To the Editor:Your coverage of the Council on Foundations 2000 convention ("A Royal Call to Action for Foundations," May 18) reveals the fault lines in the payout debate more clearly than ever: investment banking versus grant making.
You report that the Council of Michigan Foundations commissioned Cambridge Associates, an investment-consulting firm, to assess the proper level of payout. Not surprisingly,...