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Of its $4.1 trillion fiscal year 2016 budget, the U.S. federal government and its grantmaking agencies will give out billions of dollars in the form of grants to states, localities, and individuals, supporting a dizzying array of activities, from scientific research and economic development to arts, culture, and education.

... foundations often assert that spending all of their resources in a relatively short period gives them the ability ... more social value, than if they were to hold the same resources in a lasting endowment and disburse only the ... “greater value and impact” by putting all their resources to use in a limited period of time than by creating ...