August 26, 1999
Use of Tax-Exempt Bonds on Rise at Non-Profit Groups, Report Says
Foundations, museums, and other non-profit institutions are increasingly using tax-exempt bonds to finance major capital improvements, according to a new report by Standard & Poor's.
The reason: Organizations with a strong financial base (and therefore eligible for favorable bond ratings, which translate into lower interest rates) often find it cheaper to borrow money than to spend their endowment. Investments often earn more than 15 per cent a year, the
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