UPMIFA and an endowment

UPMIFA and an endowment

Forum topic posted in Forum on 3 June 2011| comments
audience: | last updated: 7 July 2012
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I am president of a foundation that serves churches. A donor established an endowment 15 year ago in his will for the purpose of providing a scholarship through a particular local church. The will has the following verbiage instructing the endowment. "Each year 90% of the income is to be distributed to the church and 10% is to be held as a hedge against inflation." There has been some discussion that according to UPMIFA (Georgia) the income can be not only the dividends/interest but also the appreciation of the base amount of the endowment. The thought then is that 4% of the principal of the endowment could be distributed subject to the 90% rule. Please give me your thoughts.

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