This article focuses on endowed operating public charities that receive income not only from sources such as donations, grants, and service fees but also from endowment portfolios. Using the Form 990 data between 2009 and 2016, this study examines if the risk from nonendowment income sources, namely background risk, is relevant to endowment portfolio volatility, and if there are any differences across four types of nonprofits where endowment assets are the most concentrated, including museums, universities and colleges, K‐12 schools, and hospitals. The results show that the association between background risk and endowment portfolio volatility is significant and negative for universities; however, it is either nonsignificant or significantly positive for other types of organizations. This study extends research on university endowments to other types of endowed nonprofits. The findings imply different endowment objectives and reflect different asset allocation strategies across types of organizations.

中文翻译：

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背景风险和非营利捐赠基金组合的波动性

本文关注的是捐赠经营的公共慈善机构，这些慈善机构不仅从捐赠，赠款和服务费等来源获得收入，而且还从捐赠组合中获得收入。使用2009年至2016年之间的990表格数据，本研究调查了非捐赠收入来源的风险（即背景风险）是否与捐赠投资组合的波动性相关，以及捐赠资产最集中的四种非营利组织之间是否存在差异，包括博物馆，大学和学院，K-12学校和医院。结果表明，背景风险与end赋组合波动性之间的关联性对大学而言是显着的，并且是负相关的。但是，对于其他类型的组织而言，这既不重要，也不重要。这项研究将对大学捐赠的研究扩展到其他类型的捐赠非营利组织。调查结果暗示了不同的捐赠目标，并且反映了不同类型组织之间不同的资产分配策略。