- “Generally, foundations make grants. But increasingly they are becoming more entrepreneurial by investing in organizations that advance the mission of the foundation. With a program-related investment (PRI) a foundation invests its principal in advancing its mission. PRIs include loans, loan guarantees, linked deposits, and even equity investments in charitable organizations or in commercial ventures for civic purposes. For the recipient, PRIs provide access to capital at lower than market rates. For the foundation, the benefit is that the repayment of the note, or return of equity, can be recycled to meet another charitable purpose.” A DONOR FRIENDLY OVERVIEW OF CHARITABLE TOOLS. Phil Cubeta, CLU, ChFC, MSFS, CAP, The Sallie B. and William B. Wallace Chair in Philanthropy at The American College. Page 5