In two new publications that examine the payout and spending practices of roughly one thousand U.S. foundations, the Foundation Center reports that most large endowed independent foundations paid out at or above the mandated rate of 5 percent during the 2007-09 period and that the single most important factor affecting a foundation's expense level is whether it employs paid staff.

http://foundationcenter.org/pnd/news/story.jhtml?id=397700010