May 27, 2004
Endowments Are Not a Luxury
Related articles: View all of the advice and commentary from this special supplement on endowmentsBy DENNIS R. HAMMOND
Many, if not most, trustees and officers of nonprofit institutions cannot imagine operating without endowments. Prudence demands, and common law encourages, institutions to set aside some of each year's unspent earnings, together with gifts given in perpetuity, to help maintain operations in
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