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Massachusetts | Well, fair enough.
However, there is no reason that a private endowment can't be set up to use only returns and no principal. There is also no reason why a potential donor can't research an existing endowment prior to donating.
The way I see it, this country just has way too many laws, and I am often perplexed to see so many posters on this board who seem to think that only more government and more laws can solve some of these 'problems.'
After all, what is the original 'problem' that this law is seeking to fix? Some private endowment runs out of funds if they touch their principal? Boo hoo, cry me a river. So, in other words, a bunch of rich people set up an endowment, their lawyers didn't set it up right, and the principal runs out. Why, there aught to be a law!
Instead of writing a new law, why not let the rich people get it right the first time.
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Non profits that can not get to Millions for operating
