Clients are usually university endowments and pension funds. Organizations raise funds to support capital projects, endowments, or operating expenses of current programs. The firm's institutional investors include college endowments and foundations. VaR can also be applied to governance of endowments, trusts, and pension plans. Institutions formed to take advantage of these factor endowments. The position is funded by foundations, endowments and individuals. There were also institutions without endowments, called hostels. They are self-governed charities in their own right, with their own endowments and possessions. In practice, muftis commonly received support from the public treasury, public endowments or private donations. There was a time when MSU lagged behind peer institutions in terms of endowments. Heinz is Chair of the Heinz Endowments and the Heinz Family Philanthropies. They also maintained unrestricted access to the financial resources from the religious endowments. Keio is known as having one of the largest financial endowments of any Japanese university. Colonization also depended on factor endowments and settler mortality. There are six temples under the management of Endowments Department.