There are many strategies for preserving donor intent, but only one that’s a virtual guarantee: spending down. Advocates of spending down argue that it’s also the most expedient way of getting urgently needed resources into the hands of worthy grantees who want to make a difference today. Other donors, however, have charitable objectives that cannot or will not be met in a defined term. What opportunities to help in the future are lost by spending now? Are there some missions that are best served by taking a longer-term view? Fritz Schwarz of the Atlantic Philanthropies and Heather Higgins of the Randolph Foundation will make the case for spending down, while Michael Cawley of the Samuel Roberts Noble Foundation and Gene Cochrane of the Duke Endowment will offer a defense of the perpetual foundation. Is this a case where one size does not fit all? Bill Schambra will moderate a timely debate that transcends the usual parameters of Left and Right.