Michigan HB6207 establishes a rebuttable presumption of imprudence for charitable organizations when expending more than 8% of an endowment fund's.

Michigan HB6207 amends the Michigan Charitable Securities Act to establish a rebuttable presumption of imprudence for charitable organizations when they appropriate for expenditure more than 8% of an endowment fund's fair market value. This presumption applies unless the expenditure is permitted under law or the fair market value is calculated based on market values determined outside of this act or by the gift instrument.

Michigan HB6207 establishes a rebuttable presumption of imprudence for charitable organizations when expending more than 8% of an endowment fund's.

Michigan HB6207 amends the Michigan Charitable Securities Act to establish a rebuttable presumption of imprudence for charitable organizations when they appropriate for expenditure more than 8% of an endowment fund's fair market value. This presumption applies unless the expenditure is permitted under law or the fair market value is calculated based on market values determined outside of this act or by the gift instrument.