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As Eccles explains, it means charitable foundations can use funds from their endowment capital rather than their smaller grant-giving budgets.
The ESM treaty plan provides for an endowment capital of €700bn (€80bn of which would consist of paid-up capital) and capacity for intervention worth €500bn.
This mechanism would have a cost, particularly for Germany, in terms of endowment capital and of the potential rise in the interest rate that is the means for purchasing these bonds.
A reasonable goal would be to allow the ESM to issue approximately 3 trillion medium-term "eurobonds" on the markets, starting with the same endowment capital – in other words, the kind of sum that can take on the current and potential challenges generated by the debt crisis.
Sitra's activities are financed by the yield from its endowment capital and the return on its venture capital investments.
The O'Neil contribution was made in support of the BMA's "In a New Light" campaign, which started in 2008 to raise funds (for endowment, capital support, etc).
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So far, in most cases, increased spending has not come at the expense of the endowments' capital.
Such specialization is a consequence of economies being relatively labor-abundant produce more labor-intensive goods, while those economies with a relatively more abundant endowment of capital produce capital-intensive goods.
Ford then chose 28 groups, three to four in each category, and invited them to apply for the grants, which are supposed to be used for operating endowments, working capital, endowed funds for artistic programs or other permanent capital requirements.
"Nothing could be more important to the future and stability than endowment and capital needs," Ms. Morris said.
That all young people should set out on their adult lives with an endowment of capital was an idea I put forward in the early 1990s, and again in 2000.
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