Knowledge

Endowment invasion

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During Ms. Baker's tenure, City Opera has raided its endowment — which now stands at $ 16 million, down from $ 57 million when she was appointed in December 2003 — to pay off debts and cover operating expenses. The practice, known as endowment invasion, requires approval from the state attorney
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Last January, after many years of using money from the society's endowment to pay for yearly operating deficits, the trustees determined that the endowment had dwindled to the point where the institution would be bankrupt in 18
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began using money from their endowment to pay their annual operating costs and cover their salaries to the point where by 1988 they had only enough money in their endowment to pay for another 18 months of operating
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In recent weeks, the New York Historical Society, which for years had used money from its endowment and from a few wealthy trustees and patrons to compensate for growing annual deficits, finally reached
217: 179: 32: 206: 72: 141: 168: 35:, a law which allows "invading principal". It is considered a last resort for any institution to stave off closure. 48:
drew down their endowment from $ 57 million to $ 16 million to pay off debts and cover annual operating expenses.
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general's office and the State Supreme Court, and is widely considered a last resort for any arts institution.
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the practice requires approval from the state attorney general's office and the
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to pay off debts and cover the yearly operating expenses. In
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National Conference of Commissioners on Uniform State Laws
69:, the practice of selling museum objects to cover expenses 207:"Troubled Museums Try to Master the Fine Art of Survival" 100: 33:
Uniform Prudent Management of Institutional Funds Act
205: 169:"Historical Society Reshaping Itself for Survival" 167: 131:"City Opera Tries to Hold Off the Ultimate Finale" 129: 240: 93:"Prudent Management of Institutional Funds Act" 73:List of wealthiest charitable foundations 166:McGill, Douglas C. (November 30, 1988). 124: 120: 118: 241: 204:McGill, Douglas C. (August 28, 1988). 203: 165: 115: 19:is when an institution draws on its 13: 31:. By 2009 most states had adopted 14: 260: 144:from the original on Jul 17, 2014 220:from the original on Mar 9, 2014 182:from the original on Mar 9, 2014 197: 159: 85: 1: 78: 29:New York State Supreme Court 7: 60: 53:New-York Historical Society 38: 10: 265: 249:Financial endowments 46:New York City Opera 21:financial endowment 213:The New York Times 175:The New York Times 137:The New York Times 103:on January 6, 2014 44:From 2003 to 2009 17:Endowment invasion 128:(June 17, 2009). 51:In the 1980s the 256: 233: 232: 226: 225: 209: 201: 195: 194: 188: 187: 171: 163: 157: 156: 150: 149: 133: 122: 113: 112: 110: 108: 99:. Archived from 89: 264: 263: 259: 258: 257: 255: 254: 253: 239: 238: 237: 236: 223: 221: 202: 198: 185: 183: 164: 160: 147: 145: 126:Pogrebin, Robin 123: 116: 106: 104: 91: 90: 86: 81: 63: 41: 12: 11: 5: 262: 252: 251: 235: 234: 196: 158: 114: 83: 82: 80: 77: 76: 75: 70: 67:Deaccessioning 62: 59: 58: 57: 49: 40: 37: 9: 6: 4: 3: 2: 261: 250: 247: 246: 244: 231: 219: 215: 214: 208: 200: 193: 181: 177: 176: 170: 162: 155: 143: 139: 138: 132: 127: 121: 119: 102: 98: 94: 88: 84: 74: 71: 68: 65: 64: 54: 50: 47: 43: 42: 36: 34: 30: 26: 22: 18: 228: 222:. Retrieved 211: 199: 190: 184:. Retrieved 173: 161: 152: 146:. Retrieved 135: 105:. Retrieved 101:the original 87: 16: 15: 224:2009-06-24 186:2009-06-18 148:2009-06-18 79:References 56:expenses. 243:Category 218:Archived 180:Archived 142:Archived 61:See also 39:Examples 25:New York 192:months. 107:June 5, 109:2014 230:... 245:: 227:. 216:. 210:. 189:. 178:. 172:. 151:. 140:. 134:. 117:^ 95:. 111:.

Index

financial endowment
New York
New York State Supreme Court
Uniform Prudent Management of Institutional Funds Act
New York City Opera
New-York Historical Society
Deaccessioning
List of wealthiest charitable foundations
"Prudent Management of Institutional Funds Act"
National Conference of Commissioners on Uniform State Laws
the original


Pogrebin, Robin
"City Opera Tries to Hold Off the Ultimate Finale"
The New York Times
Archived
"Historical Society Reshaping Itself for Survival"
The New York Times
Archived
"Troubled Museums Try to Master the Fine Art of Survival"
The New York Times
Archived
Category
Financial endowments

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