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SC S0948

Bill

Status

Introduced

2/24/2026

Primary Sponsor

Jason Elliott

Click for details

Origin

Senate

126th General Assembly

AI Summary

  • Charitable organizations that accept contributions with written donor-imposed restrictions are prohibited from violating those restrictions unless required or authorized by federal or state law.

  • When a charitable organization cannot fulfill endowment agreement terms, it must notify the donor or legal representative 30 days in advance and offer an alternative solution that closely matches the original terms.

  • Donors or their legal representatives may file complaints within six years of discovering a violation, after providing 90 days' notice to the organization, though they cannot seek personal damages.

  • Courts may order remedies consistent with the charitable purposes in the endowment agreement but cannot order the return of donated funds to the donor or their estate.

  • The act preserves the attorney general's enforcement authority, the judicial power of cy pres, and institutions' rights to modify restrictions as permitted by the endowment agreement and existing law.

Legislative Description

Safeguarding Endowment Gifts Act

Last Action

Referred to Committee on Banking and Insurance

2/24/2026

Committee Referrals

Banking and Insurance2/24/2026

Full Bill Text

No bill text available