A primary concern for Endowments and Foundations is how to manage short-term spending needs, such that these expenditures do not eat into their long-term investment goals, according to a survey by NEPC, LLC. In particular, these institutions worry about the effect of investment returns on operations, and balancing day-to-day financial obligations with longer-term investment gains. To this end, it is critical to understand the impact of longer-term asset allocation decisions on shorter-term operations. Enter: NEPC’s new Total Enterprise Management (TEM) model. Using this holistic approach, NEPC seeks to employ this model to efficiently bridge the decision-making gap between short term operational decisions and spending needs, and long-term investment return and risk.