Assuming that charities can invest and borrow at prevailing interest rates (and large charitable trusts can in fact borrow from their endowment), you should be indifferent to this choice. Robin Hanson has addressed this issue here.
Assuming that charities can invest and borrow at prevailing interest rates (and large charitable trusts can in fact borrow from their endowment), you should be indifferent to this choice. Robin Hanson has addressed this issue here.