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cfai 2018 3a - Operating Costs and spending

In trying to solve for sustainable spend rate, they do not include the operating costs of the foundation. Is thhis specific to this problem as the spending requirement includes operating costs, but excludes management fees? Or should I always exclude operating costs from the equation?

expected nominal return = spending rate + inflation + management fee

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I think it’s specific to this case

No it is always so. Op. Cost is part of the beneficiary’s account and part of spend. ( You need staff to manage the cf). Just that it has been given extraneously to test our understanding. Most of us would double count and put it in the calculation part and lose point

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