TRENTON – The full Senate today approved a bill sponsored by Senate President Richard J. Codey and Senator Teresa Ruiz that would give charitable organizations more discretion to spend and invest endowment funds that have been hit hard by the lagging economy.
Currently, the governing body of a charitable endowment fund is restricted from spending the principal of the endowment. Instead, the governing body can only spend any appreciation of the principal that exceeds the “historic dollar value” of the fund at the time of contribution.