Non-Profits Not Able to Tap Into Their Own Funds?

Yep, apparently quite a few states have laws in place dating from the 70’s that do not allow non-profits to tap into their endowments if the real dollar value of the endowment has dipped below the principal.

Is this ultimately fiscally responsible?

Check it out … http://news.yahoo.com/s/ap/20090302/ap_on_bi_ge/untouchable_endowments

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