Secured Reclassification of Restricted University Endowment Funds for Unrestricted Use
Represented a private institution of higher education in securing approval for the reclassification of tens of millions of dollars in donor-restricted endowment funds as unrestricted funds. Once reclassified, the funds could be held as collateral to help meet a minimum liquidity ratio requirement. The reclassification required clearance from both the state attorney general as well as court approval. Without the reclassification, the restrictions on the endowment funds would have placed the institution’s continued operation in jeopardy.
