Limited-life foundations donate to causes they believe in as spend-down foundations. Atlantic Philanthropies, funded by Chuck Feeney of the Duty Free Shoppers Group, is one such foundation that set its spend down goal for the year 2016 back in 2002. The foundation is now down to its last two billion dollars and has two years left to spend it. Limited-life foundations have grown in popularity with people that want to make a difference within their lifetime. Though drawbacks of these types of foundations include running out of money or changing goals, Atlantic Philanthropies has donated money to the aging, children, health, and human rights to make that difference.
See Paul Sullivan, “A Billion Still to Spend, and Only Two Years to Do It,” The New York Times (October 31, 2014).
Posted by Aryane Garansi, Associate Editor, Wealth Strategies Journal