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Endowment Invasion
Endowment invasion is when an institution draws on its financial endowment to pay off debts and cover the yearly operating expenses. In New York the practice requires approval from the state attorney general's office and the New York State Supreme Court. By 2009 most states had adopted Uniform Prudent Management of Institutional Funds Act, a law which allows "invading principal". It is considered a last resort for any institution to stave off closure. Examples * From 2003 to 2009 New York City Opera drew down their endowment from $57 million to $16 million to pay off debts and cover annual operating expenses. * In the 1980s the New-York Historical Society 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 expenses. See also * Deaccessioning Deaccessioning is the process by which a work of art or other object is perm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Endowment
A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of Financial instrument, financial, real estate, or other investments for a specific purpose according to Donor intent, the will of its founders and donors. Endowments are often structured so that the inflation-adjusted principal (finance), principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy. Endowments are often governed and managed either as a Nonprofit organization, nonprofit corporation, a charitable foundation, or a private foundation that, while serving a good cause, might not qualify as a public charity. In some jurisdictions, it is common for endowed funds to be established as a trust (law), trust independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York (state)
New York, also called New York State, is a U.S. state, state in the northeastern United States. Bordered by New England to the east, Canada to the north, and Pennsylvania and New Jersey to the south, its territory extends into both the Atlantic Ocean and the Great Lakes. New York is the List of U.S. states and territories by population, fourth-most populous state in the United States, with nearly 20 million residents, and the List of U.S. states and territories by area, 27th-largest state by area, with a total area of . New York has Geography of New York (state), a varied geography. The southeastern part of the state, known as Downstate New York, Downstate, encompasses New York City, the List of U.S. cities by population, most populous city in the United States; Long Island, with approximately 40% of the state's population, the nation's most populous island; and the cities, suburbs, and wealthy enclaves of the lower Hudson Valley. These areas are the center of the expansive New ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York State Supreme Court
The Supreme Court of the State of New York is the superior court in the Judiciary of New York. It is vested with unlimited civil and criminal jurisdiction, although in many counties outside New York City it acts primarily as a court of civil jurisdiction, with most criminal matters handled in County Court. New York is the only state where ''supreme court'' is a trial court rather than a court of last resort (which in New York is the Court of Appeals). Also, although it is a trial court, the Supreme Court sits as a "single great tribunal of general state-wide jurisdiction, rather than an aggregation of separate courts sitting in the several counties or judicial districts of the state." The Supreme Court is established in each of New York's 62 counties. A separate branch of the Supreme Court called the Appellate Division serves as the highest intermediate appellate court in New York. Jurisdiction Under the New York State Constitution, the New York State Supreme Court has u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Prudent Management Of Institutional Funds Act
The Uniform Prudent Management of Institutional Funds Act (UPMIFA) is a uniform act that provides guidance on investment decisions and endowment expenditures for nonprofit and charitable organizations. As of 2012 UPMIFA is the law in 49 states, the District of Columbia and the U.S. Virgin Islands. Neither Pennsylvania nor Puerto Rico has adopted UPMIFA. The major change in UPMIFA compared to the previous model law (the Uniform Management of Institutional Funds Act) is that it replaces a requirement that nonprofits cannot spend below the original value of contributions or "historic dollar value" (HDV) with a new requirement that their investing and spending will be at a rate that will preserve the purchasing power of the principal over the long term. The act also enshrines a "charitable purpose doctrine" into law, noting that investors must consider an investment's relationship with their broader social mission. History Predecessor The predecessor to UPMIFA, called the Uniform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Law Commission
The Uniform Law Commission (ULC), also called the National Conference of Commissioners on Uniform State Laws, is a non-profit, American unincorporated association. Established in 1892, the ULC aims to provide U.S. states (plus the District of Columbia, Puerto Rico, and the U.S. Virgin Islands) with well-researched and drafted model acts to bring clarity and stability to critical areas of statutory law across jurisdictions. The ULC promotes enactment of uniform acts in areas of state law where uniformity is desirable and practical. The ULC headquarters are in Chicago, Illinois. The ULC is best known for its work on the landmark Uniform Commercial Code (UCC), drafted in conjunction with the American Law Institute. Since the ULC first convened in 1892, it has produced more than 450 uniform acts. These acts focus on commercial law, family and domestic relations law, estates, probate and trusts, real estate, alternate dispute resolution, and many other areas of the law. Among the UL ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of the longest-running newspapers in the United States, the ''Times'' serves as one of the country's Newspaper of record, newspapers of record. , ''The New York Times'' had 9.13 million total and 8.83 million online subscribers, both by significant margins the List of newspapers in the United States, highest numbers for any newspaper in the United States; the total also included 296,330 print subscribers, making the ''Times'' the second-largest newspaper by print circulation in the United States, following ''The Wall Street Journal'', also based in New York City. ''The New York Times'' is published by the New York Times Company; since 1896, the company has been chaired by the Ochs-Sulzberger family, whose current chairman and the paper's publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York City Opera
The New York City Opera (NYCO) is an American opera company located in Manhattan in New York City. The company has been active from 1943 through its 2013 bankruptcy, and again since 2016 when it was revived. The opera company, dubbed "the people's opera" by New York mayor Fiorello La Guardia, was founded in 1943. The company's stated purpose was to make opera accessible to a wide audience at a reasonable ticket price. It also sought to produce an innovative choice of repertory, and provide a home for American singers and composers. The company was originally housed at the New York City Center theater on West 55th Street in Manhattan. It later became part of the Lincoln Center for the Performing Arts at the New York State Theater from 1966 to 2010. During this time it produced autumn and spring seasons of opera in repertory, and maintained extensive education and outreach programs, offering arts-in-education programs to 4,000 students in over 30 schools. In 2011, the company lef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New-York Historical Society
The New York Historical (known as the New-York Historical Society from 1804 to 2024) is an American history museum and library on the Upper West Side of Manhattan in New York City. The society was founded in 1804 as New York's first museum. It presents exhibitions, public programs, and research that explore the history of New York and the nation. The New York Historical Museum & Library has been at its present location since 1908. The granite building was designed by York & Sawyer in a classic Roman Eclectic style. The building, along Central Park West between 76th and 77th Streets, is a New York City designated landmark. A renovation, completed in November 2011, made the building more accessible to the public, provided space for an interactive children's museum, and facilitated access to its collections. Louise Mirrer has been the president of the New York Historical since 2004. Beginning in 2005, the museum presented a two-year exhibit on ''Slavery in New York,'' its large ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deaccessioning
Deaccessioning is the process by which a work of art or other object is permanently removed from a Collection (artwork), museum's collection to sell it or otherwise dispose of it.Report from the AAMD Task Force on Deaccessioning. 2010. ''AAMD Policy on Deaccessioning''. The Association of American Museum Directors, June 9, 2010. Retrieved from Accessed November 14, 2015. Deaccession policy The process undertaken by a museum to deaccession a work involves several steps that are usually laid out in a museum's collection management policy. The terms under which an object may be considered for removal, as well as the individuals with the authority to approve the process are outlined in the ''deaccession'' section of this article. Additionally, this section lays out the legal restrictions and ethical considerations associated with removal of the object and the types of disposal that are appropriate based on the reason for the deaccession. Decision process Each museum establishes its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Wealthiest Charitable Foundations
This is a list of wealthiest charitable foundations worldwide. It consists of the 53 largest charitable foundations, private foundations engaged in philanthropy, and other charitable organizations such as charitable trusts that have disclosed their assets. In many countries, asset disclosure is not legally required or made public. Only nonprofit foundations are included in this list. Organizations that are part of a larger company are excluded, such as holding companies. The entries are ordered by the size of the organization's financial endowment. The endowment value is a rounded estimate measured in United States dollars, based on the exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...s December 31, 2024. Due to fluctuations in holdings, currency exchange and asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
