Some Nonprofits Can't Touch Their Money

RALEIGH, N.C., March 2, 2009, The Associated Press — The North Carolina Symphony has all the money it needs. But in this economy, the orchestra isn't allowed to touch it.

The value of its endowment stands at nearly $6.9 million, a fund the symphony planned to tap this year to help pay its musicians and put on concerts. But because of the slump on Wall Street, the endowment is worth less than the original donations that created it. That means, under North Carolina law, that the money is off limits.