Bays, Jonathan, André Dua, and Lynn K. Taliento, 2006. “A Nonprofit Goes for Broke.” McKinsey Quarterly, September. Free registration required. The organizational challenges stemming from the decision by the Atlantic Philanthropies to spend down its endowment proved daunting and ultimately affected everything from Atlantic’s choice of grantees to the kinds of people it employs. Atlantic’s story offers strategic, operational, and organisational lessons for any foundation or comparable institution that is considering transformative change.