岳同学2020-11-13 15:57:29

請問2018 – Q3 Institutional ABC這樣寫可以嗎? A. Spending requirement = nominal return – inflation rate – management fee = 7 – 1.5% - 0.33% = 5.17% B. i. low ability to take risk 1. The foundation will not receive a donation which indicates no cushion to absorb investment losses; 2. The foundation solely sponsors local youth center, which will limit the ability of the foundation to take a risk; ii. High ability to take risk 1. The foundation is operating perpetual, which allows the foundation to absorb short-term investment losses; 2. There are no debt-like liabilities, which suggests the foundation might skip the spending. C. 1. The cash reserve will be higher because of increases in the uncertainty of cash outflow; 2. The changes in the spending rule will cause a higher liquidity requirement because the average monthly asset value is more volatile than the asset value at the beginning of a year.