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PRO & CON: ARE ENDOWMENTS A GOOD IDEA?
It seems an article of faith among nonprofit institutions that having a big endowment is good, and having a bigger endowment is better. Often, though, endowment accumulation is a poor strategy. Moreover, even when building an endowment makes sense, currently popular spending rules are generally counterproductive.
We...
Bigger Is Not Necessarily Better
By HENRY HANSMANNIt seems an article of faith among nonprofit institutions that having a big endowment is good, and having a bigger endowment is better. Often, though, endowment accumulation is a poor strategy. Moreover, even when building an endowment makes sense, currently popular spending rules are generally counterproductive.
We...