The E&F Advocate: Now a Law – The One Big Beautiful Bill Implications for Endowments & Foundations

  The recently passed “One Big Beautiful Bill” (OBBB) represents the most consequential legislative package for U.S. endowments and foundations in over a decade. While sweeping in scope, its most significant implications for our community fall into three categories: tax reform, climate and infrastructure capital, and university governance provisions. Tax Code Overhaul: Pressures on Investment…

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The E&F Advocate: Five Pillars of Endowment Governance to Support Greater Liquidity, Transparency and Returns

Photo credit: Dreamstime The “Yale Model” of endowment investment strategy created by David Swenson, successful for decades, may be nearing retirement. What was developed during a time of falling interest rates, less asset class ubiquity, and diminished premiums for exotics, may be a far less tenable model in 2025. Models like Yale’s with their reliance…

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