Residuary beneficiary of trust may sue for losses
A private family foundation has been allowed to proceed with a suit to recover more than $1.1 million allegedly misappropriated by the trustee of a family trust that named the foundation as the residuary beneficiary of a woman’s wealth. A federal District Court in Alabama, applying Florida law, has allowed the Foundation to proceed on a series of theories.
Who decides whether association member complied with rules?
Who decides whether a member of a nonprofit membership corporation has violated the association’s rules to the extent that he should be expelled from the group?
“Donor” can’t challenge misuse of endowment under UPMIFA
A lawyer who arranged the transfer of settlement funds in a class action case into an endowment at St. John’s University in Minnesota has no standing to contest the University’s alleged failure to comply with conditions of the gift under the Uniform Prudent Management of Institutional Funds (“UPMIFA”), a state appellate court has ruled. It is the lawyer’s second defeat in trying to enforce guidelines for administering a Fellowship in Ethics that he had negotiated with the University.
Trustee may sue to enforce charitable gift
A trustee and personal representative of the estate of the settlor of a trust has standing to enforce the terms of a charitable gift from the trust, an appellate court in Michigan has ruled. It has reversed a trial court decision denying standing to the trustee.
Is World Series bonus “charitable”?
Anthony DeFrancesco is a long-time employee of the Houston Astros baseball organization and in 2017 was manager of its AAA minor league affiliate. After the Astros won the 2017 World Series, the Astros gave him a bonus of $28,151.26.
DeFrancisco was in the process of a divorce and the question arose whether the bonus was considered community property to be divided with his wife. His wife claimed that it was.
Fundraising foundation for state university not subject to FOIA
The Supreme Court of Virginia has held that the George Mason University Foundation, a private nonprofit 501(c)(3) organization raising and holding private donations for the benefit of George Mason University, is not a “public body” subject to the state’s Freedom of Information Act. It has affirmed a trial court denying access to donor information concerning gifts from foundations associated with the Koch brothers.