September 17, 2009
New State Laws Give Charities More Wiggle Room on Endowment Spending
Charities reeling from investment losses are turning to new state laws giving them more leeway to tap into endowments severely shaken by the stock market.
The laws, passed by 43 states since 2006 — including 17 so far this year — replace strict rules that had prohibited nonprofit groups from taking out money from endowments whose market value had dipped below the original value of the gifts in the fund.
The old restrictions were designed in part to make
This content is only for subscribers. You can gain access by purchasing a:
Print Subscription
Digital Subscription
Already have an account? Log In Now.
Get more great stories about the nonprofit world delivered to your inbox every weekday. 
