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  • 1.  Endowed scholarship corpus refunded

    Posted 10-30-2024 09:39 AM

    Hello, all. I'm looking for advice. 

    An endowed scholarship donor asked for their principal gift to be refunded when the university's campus closed. What is the best practice for spending the investment earnings? Can these be used at the university's discretion until the balance is zero?



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    Tracy Forkin
    Johnson & Wales University
    tracy.forkin@jwu.edu
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  • 2.  RE: Endowed scholarship corpus refunded

    Posted 10-30-2024 10:04 AM
    Having never encountered this, I am only guessing. But it seems that your endowment agreement should have an escape clause or cy pres discussing what happens if the original purpose no longer exists or is found to be in violation of Federal or state laws. I would follow those guidelines.

    If no such clause exists, I would ask Counsel for guidance.

    John

    John H. Taylor
    919.816.5903 (Cell/Text)

    Big Ideas - Small Keyboard



    Original Message


  • 3.  RE: Endowed scholarship corpus refunded

    Posted 10-30-2024 11:47 AM

    Thank you, John.

     

    Best regards,

     

    Tracy

     




    Original Message


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