Posted by DEAN SKIP RUTHERFORD – The Associated Press released an alarming article today discussing how many colleges and universities are unable to tap into their endowments due to state regulations.
Rules governing how nonprofits in North Carolina and 23 other states use their endowments date to the 1970s, when most states adopted a uniform law that prohibits withdrawing money from endowments that fall below their “historic dollar value” — the money given to create the endowment, plus any later gifts.
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