- “The Foundation will be a tax-exempt entity.”
Based on the guideline answer, the year 1 spending requirement was zero. So does the “tax-exempt entity” phrase imply zero spending requirement for year 1 or is there a different reason that the year 1 spending requirement was zero?
- “the return on the Foundation’s portfolio was 9.0%”
Based on the guideline answer, “return” meant return net of investment expenses. Why is it incorrect to assume a gross return before investment expenses, giving a net return of 8.6% instead?
Thanks.