CFA exam 2006 question - 6

“Like a defined benefits plan, the liquidity needs of Vrieland fluctuates over time” - agree/disagree. Vrieland is a independant foundation. I thought the answer would be false (dis agree) Foundations’s liquiduty needs are generally stable over time except for special request for capital project. Any comments from my CFA-friends here

Would you mind sending the answers to this exam? I have the actual questions, but can’t seem to locate the guideline answers anywhere. my email is

here is sth I found in cfai text, don’t know if it can help. .independent foundations are requested to spend 5% of total asset per law. During good year, not only the portfolio return of foundation , but also donation build up the total asset. Thus the spending may go up and down through long time, also the liquidity. .DB plans liquidity depends on age of workforce and retired lives proportion. It varies in long time too. can anyone find other evidence?

Thanks Annexguy: thanks your post. I see it - liquidity need is still volatile for foundations.