[Mark_Hager]

This is a nice question. I wonder if the lack of response means that salaries indeed are the one overriding issue here. What else might even be a serious consideration? Rents?

And on the other side of the coin, inflation might drive down some revenues, like contributions from the average donor.

[Mark_Hager]

Thanks to Ruth for posting up that old summary of arguments about endowment building. It has had a lot of staying power since it was first written in 2006… people keep finding it and writing me about it. Since it is just about pros and cons, it stays reasonably current. People show it to their boards when they are debating whether to build it or not. If somebody is strongly on the YES build endowment or NO don’t build endowment side, they might benefit from some introspection about whether to pile up investment capital or not. It’s the internal debate and discussion with others that’s important, I think.

Me? I think that if an organization has the means, then endowment or quasi-endowment is a real asset.