RL
2023-10-30 14:14左下方說的是100%的捐贈要花掉，5%的原有資產(chǎn)也要花掉，與圖2說的完全矛盾！
所屬：CFA Level III > Portfolio Management for Institutional Investors 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
Essie助教
2023-10-31 13:31
該回答已被題主采納
你好，endowment和foundation的支出原則不一樣。
在美國，稅法要求foundations花費至少5%的資產(chǎn)，且foundations必須花掉當年收到的全部捐款，這叫flow through，這樣做可以免稅。對應(yīng)你的第一張截圖。
原版書第五本，第50頁說：
In the United States, private grant-making foundations are legally required to pay out 5% of assets (on a trailing 12-month basis) plus investment expenses, while university endowments have more-flexible spending rules. In addition, foundations must spend any donations in the year received, known as flow-through (but this is not necessarily the case outside the United States).
而endowment沒有這樣的要求，可以參考原版書第五本，第49頁：
Because of gifts and donations, endowments’ net spending rate tends to be lower than the headline spending of 4% to 6% of assets previously discussed. On average, net spending is closer to 2% to 4% of assets.
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