February 12, 2009
National Heritage Foundation Files for Bankruptcy After Court Orders Payout
The National Heritage Foundation, a Virginia charity ordered last fall to pay millions of dollars to donors who said they had been misled by the organization, last month filed for bankruptcy.
Jan H. Ridgely, vice president of the National Heritage Foundation, says the organization, which manages thousands of donor-advised funds, is "a solid entity that just needed to hit the pause button."
The organization filed a voluntary Chapter 11 bankruptcy petition in federal court,
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