Charities in Distress
Trusts & Estates
July 9, 2009
The article covered governance and standards of care of charities during a difficult economy. The article focused on how nonprofit organizations address potentially conflicting interests of their creditors, donors and the community, while responding to financial difficulties in the current economy. The article examined the Model Nonprofit Corporation Act, New York’s Not-for-Profit Corporation Law and the Uniform Management of Institutional Funds Act. It also discussed the personal liability of directors and officers; how nonprofits can insure strong governance practices; and the restrictions on a charity selling assets that were held for charitable purposes.