The Board of Trustees believes that grants to be made in the future are as important as grants made today. This is consistent with the philosophy that this endowment is to exist in perpetuity and, therefore, should provide for grant making in perpetuity. To attain this goal, the overriding objective of this endowment is to maintain purchasing power. That is, net of spending, the objective is to grow the aggregate portfolio value at the rate of inflation over the endowment’s investment horizon.