How Do We Get Rid of an Outdated Restricted Fund?
How Do We Get Rid of an Outdated Restricted Fund?What happens when the purpose of restricted donations becomes obsolete? We had a bond campaign years back for a new public library building. Donations were made to a related nonprofit specifically for a new building, totalling around $75,000. The bond issue failed, and the new building will most likely not happen in my lifetime. What can be done with that money? For the past few years it has just been sitting in an account managed by that nonprofit. Is there a time limit on how long they have to hold it before it can be used for another purpose? Or does it just sit there until Oprah comes to town and gives us the rest of the $10 million or so?Answer: Ellis Carter, author of the Charity Lawyer Blog provided this answer: “State la
