Charitable Gifts With Use Strings AttachedCharitable Gifts With Use Strings Attached
In business transactions, each party generally seeks to maximize his advantage. But for charitable gifts, typically the donor and the charity have the same goal to best further the charity's mission. Nevertheless, donors want their directions for the uses of their gifts followed, and charities want flexibility if other needs become more important or the original restrictions are no longer appropriate.
October 1, 2010
Heather J. Rhoades
In business transactions, each party generally seeks to maximize his advantage. But for charitable gifts, typically the donor and the charity have the same goal — to best further the charity's mission. Nevertheless, donors want their directions for the uses of their gifts followed, and charities want flexibility if other needs become more important or the original restrictions are no longer appropriate. In a perfect philanthropic world, the gift agreement would give flexibility to the charity while striving to honor the donor's directions. But that world isn't always perfect. So how can donors turn the use strings into steel cables? Is there a buzz saw that charities can use if necessary, being mindful of maintaining en...
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