Some Nonprofits Can't Touch Their Money
The law is designed to protect endowments by preventing institutions from dipping into the principal. An endowment is supposed to be a perpetual source of revenue, with institutions drawing off only the earnings.
The rule affects newer funds most severely, since they have had less time to invest a gift and build the endowment's value.
- Companies:
- American Conservatory Theater
- Bolshoi Ballet
- Brandeis University
- Council on Foundations
- National Center on Philanthropy and the Law
- National Conference of Commissioners of Uniform State Laws
- National Council of Nonprofits
- New York University
- North Carolina Symphony
- Rose Art Museum
- The Associated Press
- University of North Carolina
- University of Wisconsin
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