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Full-Text Articles in Law
What Went Wrong: Prudent Management Of Endowment Funds And Imprudent Endowment Investing Policies, James J. Fishman
What Went Wrong: Prudent Management Of Endowment Funds And Imprudent Endowment Investing Policies, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
Most colleges and universities of all sizes have an endowment, a fund that provides a stream of income and maintains the corpus of the fund in perpetuity. Organizations with large endowments, such as colleges, universities, and private foundations, all finance a significant part of their operations through the return received from the investment of this capital. This article examines the legal framework for endowment investing, endowment investing policies, their evolution to more sophisticated and riskier strategies, and the consequences evinced during the financial crisis of 2008 and beyond. It traces the approaches to endowment investing and chronicles the rise and, …
Wrong Way Corrigan And Recent Developments In The Nonprofit Landscape: A Need For New Legal Approaches, James J. Fishman
Wrong Way Corrigan And Recent Developments In The Nonprofit Landscape: A Need For New Legal Approaches, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
This essay argues that some of the assumptions by which we view and regulate the nonprofit sector are traveling, as did Wrong Way Corrigan, in the wrong direction. This is due to faulty assumptions about the nonprofit universe, overreactions to perceived problems, and a reluctance to consider innovative approaches to existing problems. This essay examines some of the erroneous assumptions, discusses recent legislative initiatives, and suggests that there is a need for more than incremental approaches when considering the nonprofit landscape. It argues that regulation of fiduciary behavior should be at the local level, or a combination of local and …
The Nonprofit Sector: Myths And Realities, James J. Fishman
The Nonprofit Sector: Myths And Realities, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
Transcript from Who Profits from Nonprofits? A Symposium on Nonprofit Organizations. I have followed the development of CUNY Law School from its founding, and I really have to salute you. I do not know exactly where legal education is going, but I think CUNY is going to get there before other law schools, including my own. Today, I am going to explore some of the myths and realities of the nonprofit sector.
Charitable Accountability And Reform In Nineteenth Century England: The Case Of The Charity Commission, James J. Fishman
Charitable Accountability And Reform In Nineteenth Century England: The Case Of The Charity Commission, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
Why is it so difficult to carry out effective institutional change? Why did the principle of charitable accountability, a nearly unanimously supported ideal, ring so hollow in practice? This Article offers hypotheses about the difficulties of administrative reform, through the prism of the nineteenth century, which may apply to contemporary issues of charitable accountability.
Improving Charitable Accountability, James J. Fishman
Improving Charitable Accountability, James J. Fishman
Elisabeth Haub School of Law Faculty Publications
This Article focuses upon a persistent problem of the nonprofit sector--its lack of accountability to the public. Director, officer, and organizational responsibilities will be analyzed. Past and current approaches to secure accountability of charitable assets will be discussed, and a proposal for improving charitable accountability will be suggested through the creation of public-private charity commissions at the state level under the aegis of the attorney general.
Corporate Philanthropy And The Business Benefit: The Need For Clarity, Shelby D. Green
Corporate Philanthropy And The Business Benefit: The Need For Clarity, Shelby D. Green
Elisabeth Haub School of Law Faculty Publications
The need for clarity or harmony is the subject of this essay. Part II summarizes a philosophical debate between two scholars on the mission of the corporation. Part III briefly traces the historical development of the relevant principles and Part IV examines the actual philanthropic practices of several large publicly held corporations. Finally, Part V considers the continuing significance of the common law rule in light of these practices and urges support for the ALI proposal.