Safeguarding Endowment Gifts Act protects donor-imposed restrictions on charitable endowments.
The Safeguarding Endowment Gifts Act prohibits charitable organizations from violating donor-imposed restrictions in endowment agreements. It mandates notification to donors if the organization cannot fulfill terms and offers alternatives. Donors or their legal representatives can file complaints within six years of discovering a breach. The act allows for judicial declarations of rights and duties in endowment agreements and provides remedies for violations, excluding the return of funds. It takes effect upon approval by the Governor.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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