When Time Isn't Money: Foundation Payouts and the Time Value of Money
When Time Isn't Money: Foundation Payouts and the Time Value of Money
复制标题
当时间不是金钱时：基金会支出和金钱的时间价值
DOI：
10.2139/ssrn.445982
复制
发表时间：
2003
期刊：
影响因子：
--
通讯作者：
Michael Klausner
中科院分区：
文献类型：
--
作者：
Michael Klausner
自1969年首次颁布以来，适用于慈善基金会的最低支出规则允许基金会以大致与永久存在的基金会一致的速度分配资金。大多数基金会以最低比率或略高的比率提供赠款。评论人士认为，更快的支付率在社会上上级较慢的支付率，更高的支付率应该是法律规定的。有一个论点援引了贴现现金流和货币时间价值的概念来支持这一论点。本文解释了为什么这些概念与基金会支出问题无关，并开始建立一个适当的框架来分析基金会资金的代际分配。
Since their original enactment in 1969, the minimum payout rule applicable to charitable foundations has allowed foundations to distribute funds at a rate that is roughly consistent with a foundation remaining in existence in perpetuity. Most foundations make grants at the minimum rate or slightly higher. Commentators have argued that faster payout rates are socially superior to slower payout rates, and that higher payout rates should be legally mandated. One argument that has been made invokes the concepts of discounted cash flow and the time value of money in support of this argument. This article explains why those concepts are irrelevant to the foundation payout issue and begins to develop an appropriate framework for analyzing the intergenerational allocation of foundation funds.