Some directors say they’re not truly created for stressful times. “Calling an endowment a ‘rainy day fund’ is ‘grossly inaccurate,’ said Brent Benjamin, Saint Louis Art Museum director and AAMD president. Endowments are not cash reserves that can so easily be tapped. You shouldn’t spend the principal, and unrestricted earnings are typically committed to annual budgets in advance.” – Los Angeles Times