Article Archives >> Lead Stories >> May 16-June 15, 2010
Preview of Article:
Court Allows University
To Limit Funds for Professorship
Applies cy pres doctrine where fund exceeds
the amount necessary or appropriate for Chair in medicine
What does a charity do when the value of a bequest grows so large that the income substantially exceeds the amount the charity wants to spend for the purpose of the gift?
If it is Columbia University with an endowed Chair in Clinical Medicine that throws off more income than the University normally applies to an endowed professorship, it asks the surrogate’s court to allow it to divide the fund to permit the creation of additional professorships. The Surrogate’s Court in Nassau County, NY, has recently approved such an application.
Article Archives >> Lead Stories >> May 16-June 15, 2010
What our readers say about Nonprofit Issues
Once again you've tackled a tricky question and explained it so we all can understand the issue.--M.V.
Thank you for your informative and keen advice on nonprofit matters. I believe its a unique and concise place to get answers to this often wispy area called nonprofit. --R.T.
