For now, that is. “Why officials are willing to avoid obsessive worrying can be attributed to the way formal grantmaking is calculated. Though assets and endowments determine the level of giving, endowment size is generally determined by taking a multiyear average. Such averaging – which is based on an endowment’s market value on a specific date, such as the end of the third or fourth fiscal quarter – tends to ‘smooth out’ market highs and lows….”