Study: Operating Charity Investment Returns Rise to an Average of 15.1 Percent in Fiscal Year 2013

Social service organizations reported the highest effective spending rate, at 5.4 percent, while cultural organizations' effective spending rate was 4.7 percent and religious institutions reported an effectivespending rate of 4.2 percent.

When the data are viewed by endowment size, organizations with assets under $101 million had the highest effective spending rate at 5.2 percent. Charities with assets over $500 million reported an effective spending rate of 4.7 percent, while those with assets between $101 and $500 million reported the lowest effective spending rate, at 4.3 percent.