问题如下图：
Given the large immediate cash needs of the research programs being funded, the liquidity need may be high, which the answer is low.
韩韩_品职助教 · 2018年04月04日
同学你好，这道题目中主要是讲这个foundation会受到一笔巨额的gift，有了重大变化，要写一个IPS。在重大变化之前，large immediate cash needs of the research programs being funded, the liquidity need may be high, which the answer is low.这笔research fund的确看起来是一笔很大的支出。但是当收到这笔gift之后， foundation为了能保持税收的优惠，还是要花到market value的5%，而且文中有句话说，the committee wants to pay out as much as possible because of the critical nature of the research being funded. 就说明这笔research fund need很大可能是达不到新的assets base*5%的，所以相对于新的assets base, liquidity need is low.