By
John Hechinger
and Jennifer Levitz
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The laws passed decades ago to keep charitable gifts from disappearing too rapidly have suddenly started hamstringing institutions from the Audubon Society to Brandeis University, which are taking a beating from the recession and the collapse in stock prices. The laws restrict spending from endowment funds, which invest heavily in stocks and other assets that have taken a hit amid the financial turmoil.
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John Hechinger
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Jennifer Levitz
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