OH HB720

Non-private institutions with donor-restricted endowment funds exceeding $5 million must file annual reports with the Attorney General disclosing market value, investment allocation, spending policy, spending rate, appropriations, deficits, and any deviations from donor restrictions.

Non-private institutions must conduct sustainability reviews of their endowment funds at least every five years, evaluating compliance with fiduciary duties, donor intent, prudence standards, and fund preservation.

Donors who establish non-private endowment funds may appoint representatives to oversee fund management and may submit written notices of concern to the Attorney General if they believe the institution has violated fund restrictions or is operating unsustainably.

The state may recover public money provided to 501(c) tax-exempt organizations that fail to comply with IRS regulations or reporting requirements, with the Auditor of State required to notify the Attorney General of such violations within 120 days.

The Attorney General may issue notices of noncompliance requiring corrective action plans, and if institutions fail to complete corrections within 120 days, the Attorney General must file suit seeking repayment of misused funds, injunctive relief, or other court-ordered remedies.