Philanthropy Source Asset Management (PSA) is a US-based investment consultant for non-profit
organizations, including foundations and endowments. In addition to advising on investment policy and
asset allocation, PSA offers asset management services for smaller foundations and endowments.
Edward Chen, CFA, a senior client adviser with PSA, is preparing for meetings with individuals
representing two new US-based clients, the Magyar Foundation (MF) and the Cheyenne Endowment
(CYE). Both institutions have hired PSA as their new adviser after experiencing sub-par investment
returns over the past three years.
MF provides grants to local charitable organizations to support their operating and capital improvement
needs. MF seeks to maintain its grant spending at no more than 5% of the 12-month average asset
value, the minimum level required to maintain its US tax-exempt status, because it anticipates no
further additions or contributions to its available funds. MF has recently added two independent
trustees to its decision-making board: Richard Larson, who has been a director at three area banks, and
Christine Kuzmych, an experienced life insurance industry investment professional. Chen meets with
them to discuss potential concerns with MF's investment policy.
43. MF is most likely a(n):
A. operating foundation.
B. independent foundation.
C. community foundation.
Answer = B
请问：A、B、C三个选项都是什么意思？如何区别？
