Excellent article on the evolution of endowments and the issues most are facing today. One important aspect of the 2010 Federal budget that probably should be discussed is the impact and effect of the elimination of the 80/20 disbursement rules on the "return" measurement at many endowments and foundations. With greater flexibility over disbursements and the practical elimination of the need to categorize endowments as "short-term/long-term", foundations can potentially move beyond a traditional asset management model and towards a more unified investment strategy and "blended-return" model that incorporates financial, environmental and social return across the entire portfolio spectrum. Without the restriction to legally preserve capital for 10 years, it is no longer necessary to view the financial assets (capital investments) and social assets (grants) as separate portfolios. Foundations are now free to explore new strategies for achieving the maximum social value possible with both their philanthropic and capital investments in aggregate. A roadblock to much of this thinking, so far, has been the inadequacy of appropriate metrics for measuring social value. However, with Social Return On Investment (SROI) methodology now in its 10th year of development, it is fast becoming one of the most robust, rigorous and internationally recognized methods of capturing the return on social investments. Together with sophisticated metrics for measuring environmental and corporate sustainability, we are now very close to being able to construct unified investment strategy portfolios with blended-return models that actually mean something and that will eventually lead to the maximization of social value creation within foundations.