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Donors establishing scholarshipendowments may, for example, specify that only graduatea of a certain high school or students in certaim majors can qualify. That becomes a problej when, for example, a high school is closerd or a curriculum is The Uniform Management of Institutional Funds Act says donofr approval is needed to make any changes in howa donor-directesd gift is spent. That becomes a problem when a donorpasses away. In some of thosd cases, nonprofits have to undertake expensive legal maneuversw to change the way a giftis spent.
Tim vice president of government relationa and public information atthe , says that if an endowment is a nonprofit is unlikely to fight to change the leaving the money to sit unused. Under the Uniform Prudengt Management of InstitutionalFunds Act, an amended version of the currentf law that is being promotee for passage at the Generakl Assembly, organizations could file an argument with the statde attorney general, who would evaluate the argument and make a determination whether donor restrictions should be liftec or changed. Currently, at in one endowment specifies that all funding must go towarcd studentcounseling services.
At the time the money was student counseling was not a major issuw oncollege campuses. Nowadays, it’s important enoug h that the university fully fundsw the program without using the Laura Bingham, Peace’s president, says she would like to be able to use the endowmen for other student services but that she has not yet pusher the issue.
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