Governing board authorized to appropriate certain assets of endowment fund for expenditure under certain circumstances; conclusivity of determination of historical monetary value.
1. A governing board may appropriate for expenditure for the uses and purposes for which an endowment fund is established so much of the net appreciation, realized and unrealized, in the fair value of the assets of the fund over the historical monetary value of the fund as is prudent under the standard established by NRS 164.620. This section does not limit the authority of the governing board to expend funds as permitted under other law, the terms of the applicable donative instrument or the charter of the institution.
2. A determination of historical monetary value made in good faith by the institution is conclusive.
Last modified: February 25, 2006