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MO HB1523
Bill
Status
6/10/2014
Primary Sponsor
Tony Dugger
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AI Summary
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Repeals and replaces section 402.134 of Missouri law governing endowment fund management by charitable institutions.
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Allows institutions to appropriate endowment funds for expenditure or accumulate them based on prudent judgment, considering factors including fund duration, purposes, economic conditions, inflation, investment returns, institutional resources, and investment policy.
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Requires gift instruments to specifically state any limitations on the institution's authority to appropriate or accumulate endowment funds.
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Specifies that terms like "endowment," "income only," "preserve principal," or similar language create permanent endowment funds but do not limit the institution's spending authority under the new standard.
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Declares the changes an emergency measure effective upon passage and approval to preserve the charitable purpose of certain endowment funds.
Legislative Description
Changes the laws regarding the management, investment, and expenditures of endowment funds held by charitable institutions and other entities holding funds for charitable purposes
Last Action
Delivered to Secretary of State (G)
6/10/2014