Bays, Jonathan, Dua, Andre & Taliento, Lynn K. "A nonprofit goes for broke," The McKinsey Quarterly, September 2006
A study of the reorganization of Atlantic Philanthropies for spend down.

Billitteri, Thomas J. "Money, Mission and the Payout Rule: In Search of a Strategic Approach to Foundation Spending," Nonprofit Sector Research Fund Working Paper Series, The Aspen Institute, July 2005
Detailed discussion of payout, including history and discussion of various studies.

Bruck, Connie. "Millions for Millions," The New Yorker, October 30, 2006
The microfinance debate, and how Pierre Omidyar developed his views about microfinance philanthropy and investment.

Deep, Akash & Frumkin, Peter. "The Foundation Payout Puzzle," Working Paper No. 9, The Hauser Center For Nonprofit Organizations, John F. Kennedy School of Government, Harvard University, June 2001
Two scholars look at the prevailing "5% payout convergence" and analyze reasons for it.

Dickason, John H. & Neuhauser, Duncan. Closing a Foundation: The Lucille P. Markey Charitable Trust, Council on Foundations, Washington, DC, 2000
A detailed handbook on the process of spend down at this foundation, which closed in 1998.

Frumkin, Peter. Strategic Giving: The Art and Science of Philanthropy, University of Chicago Press, 2006

  Resources

• Executive Summary
• Full Report
• Order Print Copies

  Report Contents

• Introduction
• Focus: The Whitaker Foundation and the Helen F. Whitaker Fund
• The Learning Curve: The Beldon Fund
• Retooling for Spend Down: The Atlantic Philanthropies
• Giving While Living: The Richard and Rhoda Goldman Fund and the Lewis B. and Dorothy Cullman Foundation
• Quick Spend Down: The Haigh-Scatena Foundation
• Raising the Payout: Evelyn and Walter Haas, Jr. Fund
• Giving 5.5%: The Lynde and Harry Bradley Foundation
• More than Investment Returns: The Needmor Fund
• Ramping Up: The HKH Foundation
• Using All the Models: Endswell Foundation / Renewal Partners
• A Different Strategy: Omidyar Network
• Conclusion
• Selected Bibliography
• Resources
• List of Profiled Foundations
• Acknowledgements

  Upcoming Events

• November 29
  10am - Noon
  NCG Family Philanthropy Exchange and the Stanford Center on Philanthropy and Civil Society are hosting a discussion of Beyond Five Percent: The New Foundation Pay out Menu. This funders only event is free for members.
  learn more >>

  Supporters of
  “Beyond 5%”

• Beldon Fund
• French American Charitable Trust (FACT)
• Quixote Foundation

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