Ohio HB720 establishes transparency and oversight for non-private endowment funds.

Ohio HB720 amends the Revised Code to establish standards for transparency and oversight of non-private endowment funds. It requires non-private institutions to submit annual reports and sustainability reviews to the attorney general. The attorney general can investigate and issue notices of noncompliance or unsustainability, prompting corrective action plans. The bill allows courts to modify endowment obligations to ensure sustainability. It also provides mechanisms for the state to recover public money misappropriated from non-private endowment funds.

Ohio HB720 establishes transparency and oversight for non-private endowment funds.

Ohio HB720 amends the Revised Code to establish standards for transparency and oversight of non-private endowment funds. It requires non-private institutions to submit annual reports and sustainability reviews to the attorney general. The attorney general can investigate and issue notices of noncompliance or unsustainability, prompting corrective action plans. The bill allows courts to modify endowment obligations to ensure sustainability. It also provides mechanisms for the state to recover public money misappropriated from non-private endowment funds.