发亮_品职助教 · 2019年05月19日
是的，两个的Time,amount都不确定。
MF’s grants are similar to a property and casualty insurance company’s liabilities in that outlays are relatively certain in value but uncertain in timing.
这句话错在：
casualty insurance company的Liability，time和Amount都是Uncertain，这点是绝对的。
Foundation的Outlays，Time和Amount也都是Uncertain，但是不绝对。
运作非常好的Foundation，会严格按照Spending rule，尽量避免Unusual cash outflows，所以这种情况下Time和Amount是相对Cetrain。但绝大多数Foundation，也会面临Unusual cash outflows，所以Outlays会出现Time，amount uncertain。原版书关于Foundation这块的解释：
It is prudent for any organization to keep some assets in cash as a reserve for contingencies, but private and family foundations need a cash reserve for a special reason: They are subject to the unusual requirement that spending in a given fiscal year be 5 percent or more of the 12-month average of asset values in that year.
One cannot, of course, know what this amount will be in advance, so one cannot budget for it.
