Stone, Deanne, 2005. Alternatives to Perpetuity: A Conversation Every Foundation Should Have. Free registration required. Washington, DC: National Center for Family Philanthropy. This paper provides background on the perpetuity versus spend-down debate, discusses the motivations for considering an alternative to perpetuity, and identifies the basic challenges foundations face when looking to spend down their assets: redefining goals, changing investment and spending strategies, communicating with grantees and the public, preparing grantees to find replacement funds, anticipating staff needs, attending to legal requirements, and planning their legacies.