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During Ms. Baker's tenure, City Opera has raided its endowment — which now stands at $ 16 million, down from $ 57 million when she was appointed in
December 2003 — to pay off debts and cover operating expenses. The practice, known as endowment invasion, requires approval from the state attorney
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Last
January, after many years of using money from the society's endowment to pay for yearly operating deficits, the trustees determined that the endowment had dwindled to the point where the institution would be bankrupt in 18
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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
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In recent weeks, the New York
Historical Society, which for years had used money from its endowment and from a few wealthy trustees and patrons to compensate for growing annual deficits, finally reached
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35:, a law which allows "invading principal". It is considered a last resort for any institution to stave off closure.
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drew down their endowment from $ 57 million to $ 16 million to pay off debts and cover annual operating expenses.
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general's office and the State
Supreme Court, and is widely considered a last resort for any arts institution.
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the practice requires approval from the state attorney general's office and the
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to pay off debts and cover the yearly operating expenses. In
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National
Conference of Commissioners on Uniform State Laws
69:, the practice of selling museum objects to cover expenses
207:"Troubled Museums Try to Master the Fine Art of Survival"
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33:
Uniform
Prudent Management of Institutional Funds Act
205:
169:"Historical Society Reshaping Itself for Survival"
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131:"City Opera Tries to Hold Off the Ultimate Finale"
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93:"Prudent Management of Institutional Funds Act"
73:List of wealthiest charitable foundations
166:McGill, Douglas C. (November 30, 1988).
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204:McGill, Douglas C. (August 28, 1988).
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19:is when an institution draws on its
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31:. By 2009 most states had adopted
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29:New York State Supreme Court
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53:New-York Historical Society
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249:Financial endowments
46:New York City Opera
21:financial endowment
213:The New York Times
175:The New York Times
137:The New York Times
103:on January 6, 2014
44:From 2003 to 2009
17:Endowment invasion
128:(June 17, 2009).
51:In the 1980s the
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105:. Retrieved
101:the original
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224:2009-06-24
186:2009-06-18
148:2009-06-18
79:References
56:expenses.
243:Category
218:Archived
180:Archived
142:Archived
61:See also
39:Examples
25:New York
192:months.
107:June 5,
109:2014
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