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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, the practice of selling museum objects to cover expenses * List of wealthiest ... [...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, real estate, or other investments for a specific purpose according to the will of its founders and donors. Endowments are often structured so that the inflation-adjusted 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 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 independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., colleges, universities, and private schools); cultural institutions (e.g., museums, librar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York (state)
New York, officially the State of New York, is a state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the 27th-largest U.S. state by area. With 20.2 million people, it is the fourth-most-populous state in the United States as of 2021, with approximately 44% living in New York City, including 25% of the state's population within Brooklyn and Queens, and another 15% on the remainder of Long Island, the most populous island in the United States. The state is bordered by New Jersey and Pennsylvania to the south, and Connecticut, Massachusetts, and Vermont to the east; it has a maritime border with Rhode Island, east of Long Island, as well as an international border with the Canadian provinces of Quebec to the north and Ontario to the northwest. New York City (NYC) is the most populous city in the United States, and around two-thirds of the state's popul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York State Supreme Court
The Supreme Court of the State of New York is the trial-level court of general jurisdiction in the New York State Unified Court System. (Its Appellate Division is also the highest intermediate appellate court.) 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. The court is radically different from its counterparts in nearly all other states in that the Supreme Court is a trial court and is not the highest court in the state. The highest court of the State of 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. Jurisdiction Under ... [...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 M ... [...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 consists of approximately 350 commissioners appointed by each U.S. state, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. All of its members are lawyers, who may also serve as legislators, judges, or legal scholars. Each is appointed to the Commission by the government of their respective state or territory. Every ULC commissioner must be an attorney. Each jurisdiction determ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital media, digital subscribers. It also is a producer of popular podcasts such as ''The Daily (podcast), The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones (publisher), George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national "newspaper of record". For print it is ranked List of newspapers by circulation, 18th in the world by circulation and List of newspapers in the United States, 3rd in the U.S. The paper is owned by the New York Times Company, which is Public company, publicly traded. It has been governed by the Sulzberger family since 189 ... [...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 2013 (when it filed for 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, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New-York Historical Society
The New-York Historical Society is an American history museum and library in New York City, along Central Park West between 76th and 77th Streets, on the Upper West Side of Manhattan. 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 Society 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 is a designated New York City 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 Historical Society since 2004. She was previously Executive Vice Chancellor for Academic Affairs of the City University of New York. Beginning in 2005, the museum presente ... [...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 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 own method and workf ... [...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 45 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 rates December 31, 2020. Due to fluctuations in holdings, currency exchange and asset values, this list only represents the valuation of each foundation on a single day. Wealthiest foundations by endowment value See also * List of charitable foundations This is a list of notable charitable foundations. A * AARP Foundatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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