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A key provision of UPMIFA states that: "Subject to the intent of a donor expressed in the gift instrument an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. [7]
If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
A foundation in the United States is a type of charitable organization. Though, the Internal Revenue Code distinguishes between private foundations (usually funded by an individual, family, or corporation) and public charities (community foundations and other nonprofit groups that raise money from the general public).
You might wonder why a nonprofit would need a financial advisor. After all, generating cash flow is not generally a central part of a nonprofit's mission. But nonprofits have finances just like ...
A longstanding Rockford nonprofit agency is no more, but its legacy is an endowment fund that will support two organizations. Rockford nonprofit ends 15-year run, turns assets into endowment Skip ...
An Indiana-based philanthropic endowment will give $100 million to the official nonprofit of the National Park Service (NPS), the largest gift the organization has ever received. The National Park ...