Law would ease curbs on endowment funds - Triangle Business Journal:

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Donors establishing scholarshipendowments may, for specify that only graduates of a certaihn high school or students in certain majors can That becomes a problem when, for example, a high school is closed or a curriculum is changed. The Uniform Management of Institutional Funds Act says donor approval is neededr to make any changes in howa donor-directed gift is That becomes a problem when a donor passes away. In some of thoswe cases, nonprofits have to undertake expensive legaol maneuvers to change the way a giftis spent.
Tim vice president of governmeng relations and public information atthe , says that if an endowmentg is small, a nonprofit is unlikely to fight to change the leaving the money to sit unused. Under the Uniform Prudent Management of InstitutionalFunds Act, an amended versionm of the current law that is beinv promoted for passage at the General Assembly, organizatione could file an argument with the state attorney who would evaluate the argument and make a determinatiohn whether donor restrictions should be lifted or Currently, at in Raleigh, one endowment specifies that all fundinfg must go toward student counseling services.
At the time the mone y was supplied, student counseling was not a major issue oncollegee campuses. Nowadays, it’s important enougy that the university fully funds the program without usinhthe endowment. Laura Peace’s president, says she would like to be able to use the endowmentr for other student serviceds but that she has not yet pushedthe