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Is there an alternative to cy pres to release an endowment spending restriction?

April 26, 2017alternative Cy endowment Pres release Spending

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Is there an alternative to cy pres to release an endowment spending restriction?

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If the gift agreement can be amended by the donor, a spending restriction may be released by consent of the donor in writing. Cy pres is required, however, if the donor is deceased or cannot be located, or if the gift agreement cannot be amended by the donor (for example, an irrevocable trust).