May 28, 2004

Endowments Are Not a Luxury

By DENNIS R. HAMMOND

Related articles: View all of the advice and commentary from this special supplement on endowments

Many, if not most, trustees and officers of nonprofit institutions cannot imagine operating without endowments. Prudence demands, and common law encourages, institutions to set aside some of each year's unspent earnings, together with gifts given in perpetuity, to help maintain operations in future years when revenues, earnings, and

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