Hello everyone. I need some guidance regarding a recent request. First, the backstory.
In 2006 ABC, LLC established an endowment, ABC Scholarship Endowment in memory of Jane Doe. In July 2022, ABC was acquired by XYZ. A representative from XYZ reached out and asked if the endowment name could be changed to reflect XYZ.
Should/can we honor this request?
If so, would you recommend a gift agreement amendment?
Our Foundation is requesting that the original founder of ABC, who is listed as a special advisor to XYZ, be contacted and sign the amendment. Although the founder did not sign the original agreement, it was signed by the then COO. Do you recommend this step?
Thank you!
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Sheila Smith
James Madison University
willi2ss@jmu.edu------------------------------