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New development: The real value of permanent endowments

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  • James Brooke Turner

Abstract

Trustees of endowed foundations commonly describe one of their key financial objectives as the preservation of the real (i.e. inflation-protected) value of their endowment. This aim is intuitively clear, but in practice it is harder to define. Without definition of this target, trustees cannot know if they have achieved this key financial objective. The absence of an appropriate metric leads to uncertainty and confusion, and undermines the ability of long-term investors to maximize their earning potential or to distribute as much as they might. The format of reporting and accounting for charities (the charity SORP) exacerbates these problems for trustees and other users of the accounts.

Suggested Citation

  • James Brooke Turner, 2011. "New development: The real value of permanent endowments," Public Money & Management, Taylor & Francis Journals, vol. 31(3), pages 207-210, May.
    • Handle: RePEc:taf:pubmmg:v:31:y:2011:i:3:p:207-210
    DOI: 10.1080/09540962.2011.573236
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