§ 24.44.020. Appropriation of appreciation
The 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 an endowment fund over the historic dollar value of the fund as is prudent under the standard established by RCW 24.44.050. This section does not limit the authority of the governing board to expend funds as permitted under other law, the terms of the applicable gift instrument, or the character [charter] of an institution.
[1973 c 17 § 2.]
Sections: Previous 24.44.010 24.44.020 24.44.030 24.44.040 24.44.050 24.44.060 24.44.070 24.44.080 24.44.090 24.44.900 NextLast modified: April 7, 2009