Must insurance cover 137 yard hole-in-one?
Old White Charities, which operates the Greenbrier Classic golf tournament on the Professional Golfers’ Association tour to raise funds for charitable purposes, ran a promotional contest for the 2015 event to give a cash gift to anyone in the stands at the time a golfer shot a hole-in-one on the 18th hole. It engaged an insurance broker to obtain insurance to cover any payout that might be necessary if someone actually shot a hole-in-one.
Attorney General Can’t Cy Pres Assets Of One Volunteer Fire Company to Another
Pa. Court says AG can’t force transfer from an operating charity when it doesn’t prove the assets are held “in trust”
The Commonwealth Court of Pennsylvania has rejected an attempt by the state’s Attorney General to close down a volunteer fire company that had been prohibited from fighting fires in its community and to force the transfer of its assets to a different company continuing to serve the area. The Court rejected the AG’s claim that all of the assets of the decertified company were held “in trust” and should be transferred under the cy pres provisions of the state’s Trust Code when it became “impracticable” for it to pursue its mission.
Donor Advised Funds continue to grow
The total number of donor advised funds and total value of their assets continued to grow significantly in 2018, according to the latest annual report by the National Philanthropic Trust.
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.