Association of Charitable Foundations, 2010. Spending Out: Learning Lessons from Time-Limited Grant-making. London, UK: Author. This booklet continues the series of guides for ACF members, supporting them in their work and helping to reexamine aspects of being an effective foundation. Drawing out the questions of purpose and focus asked by limited-life foundations reveals experience and learning that may be of value to many other foundations undertaking their own periodic reviews, as well as to new philanthropists considering the appropriate vehicle for their giving.