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Donor Friendly

By Intellectual Property Law, Esq.

More on how New York's version of UPMIFA is more donor-favorable than most other states':

"In most enactments of UPMIFA, all existing donor-restricted endowments become subject to the new requirements enabling spending below [historic dollar value]. This is not the case under NYPMIFA. Each organization is required by the law to give notice to prior donors giving them the option of applying the new law. Once the donor has responded, or the donor?s right to respond has lapsed (after 90 days), the organization will need to maintain records of which endowments follow the new law, which have HDV restrictions under the old law, and which have specific donor restrictions. The notice to donors must follow specific requirements set out in the law."

Related posts here and here.

Full post as published by The Art Law Blog on November 22, 2010 (boomark / email).