58-613. Appropriation for expenditure or accumulation of endowment fund; rules of construction.
(a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:
(1) the duration and preservation of the endowment fund;
(2) the purposes of the institution and the endowment fund;
(3) general economic conditions;
(4) the possible effect of inflation or deflation;
(5) the expected total return from income and the appreciation of investments;
(6) other resources of the institution; and
(7) the investment policy of the institution.
(b) To limit the authority to appropriate for expenditure or accumulate under subsection (a) of this section, a gift instrument must specifically state the limitation.
(c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only income, interest, dividends, or rents, issues, or profits, or to preserve the principal intact, or words of similar import:
(1) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and
(2) do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a) of this section.
Source
Structure Nebraska Revised Statutes
Chapter 58 - Money and Financing
58-101 - Money; denominations; public payments.
58-102 - Money; demand expressed in another denomination; effect.
58-202 - Cost and availability of financing; legislative findings and declarations.
58-203 - Authority; purpose for creation.
58-204 - Finance and development entities; legislative findings.
58-205 - Consolidation of various finance and development entities; legislative findings.
58-207 - Definitions, where found.
58-207.01 - Abatement, defined.
58-207.02 - Accessibility barrier, defined.
58-207.03 - Accessibility barrier elimination, defined.
58-208 - Agriculture or agricultural enterprise, defined.
58-209.01 - Blighted area, defined.
58-210.01 - Environmental hazard, defined.
58-210.02 - Economic-impact project, defined.
58-211 - Financing agreement, defined.
58-211.01 - First-time homebuyer, defined.
58-212 - Hospital or nursing home, defined.
58-216 - Low-income or moderate-income person, defined.
58-216.01 - Microenterprise, defined.
58-218 - Mortgage loan, defined.
58-219.01 - Public agency, defined.
58-220 - Rental housing, defined.
58-221 - Residential energy conservation device, defined.
58-222 - Residential housing, defined.
58-223 - Residential energy conservation loan program, defined.
58-226 - Nebraska Investment Finance Authority; created; members; qualifications.
58-227 - Authority; public members; terms; vacancies; removal.
58-228 - Authority; chairperson; officers; expenses.
58-229 - Authority; quorum; vacancy; effect.
58-230 - Meetings; when held; virtual conferencing authorized.
58-231 - Executive director; powers and duties.
58-232 - Executive director; meetings; records; duties.
58-234 - Authority; personnel.
58-235 - Authority; member or employee; conflict of interest; disclosure.
58-236 - Officer or employee of state; membership on or service to authority; how treated.
58-237 - Authority; members; executive director; surety bond.
58-238 - Authority; members; liability.
58-239 - Authority; powers; enumerated.
58-239.01 - Authority; microenterprises; powers and duties.
58-239.02 - Authority; wastewater treatment and safe drinking water projects; powers and duties.
58-239.03 - Authority; public safety communication projects; powers.
58-239.04 - Authority; economic-impact projects; powers and duties.
58-240 - Authority; duties; enumerated.
58-241 - Authority; coordinate activities with state.
58-242 - Authority; agricultural projects; duties.
58-243 - Authority; agricultural projects; powers.
58-244 - Authority; agricultural projects; adopt rules and regulations.
58-245 - Agricultural projects; loan; reports required; contents.
58-246 - Agricultural projects; loan reports; public information; borrower's name omitted.
58-247 - Authority; housing projects; powers.
58-248 - Authority; housing projects; adopt rules and regulations.
58-249 - Authority; low-income housing loans; establish funds.
58-250 - Authority; development projects; adopt rules and regulations.
58-251 - Authority; development project; make specific findings.
58-252 - Authority; borrow money and issue bonds; purposes.
58-253 - Authority; issue bonds to renew, pay, or refund bonds.
58-254 - Authority; bond issuance; general obligation; how paid and secured.
58-255 - Authority; bond issuance; state; no obligation; statement.
58-256 - Bond resolution; contents; sale; manner; declaratory judgment.
58-257 - Bond resolution; provisions enumerated.
58-258 - Authority; pledge; effect; lien; recording; not required.
58-259 - Authority; purchase bonds of authority; canceled; price.
58-260 - Bonds; secured by trust indenture; contents; expenses; how treated.
58-261 - Bonds; negotiable instruments.
58-262 - Bonds; signatures of prior members or officers; validity.
58-263 - Authority; establish funds.
58-264 - Authority; money; deposits; secured; expenditures.
58-265 - Authority; bondholders; contract; purposes; money; how secured.
58-266 - Bondholders; pledge; agreement of the state.
58-267 - Authority; expenses; how paid; liability of state or political subdivision; prohibited.
58-269 - Bonds; legal investments; for whom; considered securities.
58-270 - Authority; reports; contents; audit; issuance of bonds; notices.
58-502 - Legislative findings.
58-504 - Designated blighted and substandard area; application; hearing; approval.
58-505 - Redevelopment project; application; hearing; approval.
58-507 - Property taxes; how divided.
58-508 - Redevelopment project valuation; county assessor; duties.
58-509 - Property taxes; how treated.
58-510 - Pledge of taxes; authorized.
58-511 - Penal bond; required.
58-512 - Powers supplemental; act, how construed.
58-513 - Contracting public body; powers.
58-515 - Bonds; liability; how paid; notes.
58-518 - Bonds; signatures; negotiability.
58-519 - Bonds; presumption of validity.
58-520 - Bonds; leases; contracting public body; powers.
58-521 - Default; contracting public body; powers.
58-523 - Bonds; authorized investment.
58-524 - Bond validation proceeding; appeal.
58-525 - Bonds or certificates; validation.
58-526 - Public body or taxing body; supplemental powers.
58-527 - Sale, conveyance, lease, or agreement; how made.
58-528 - Contracting public body; estimate of expenses; appropriations; bonds authorized.
58-529 - School districts; additional expenses; appropriations.
58-530 - Presumption of compliance.
58-533 - Filing of applications; limitation.
58-612 - Standard of conduct in managing and investing institutional fund.
58-613 - Appropriation for expenditure or accumulation of endowment fund; rules of construction.
58-614 - Delegation of management and investment functions.
58-615 - Release or modification of restrictions on management, investment, or purpose.
58-616 - Reviewing compliance.
58-617 - Application to existing institutional funds.
58-618 - Relation to Electronic Signatures in Global and National Commerce Act.
58-619 - Uniformity of application and construction.
58-702 - Legislative findings.
58-703 - Affordable Housing Trust Fund; created; use.
58-704 - Housing advisory committee; created; members; duties; meetings.
58-705 - Department of Economic Development; Affordable Housing Trust Fund; duties.
58-706 - Affordable Housing Trust Fund; eligible activities.
58-707 - Assistance; qualified recipients.
58-709 - Rules and regulations.
58-711 - Information on status of Affordable Housing Trust Fund; report; contents.
58-802 - Legislative findings.
58-803 - Definitions, where found.
58-807 - Eligible institution, defined.
58-807.01 - Private cultural institution, defined.
58-808 - Private health care institution, defined.
58-809 - Private institution of higher education, defined.
58-810 - Private social services institution, defined.
58-813 - Nebraska Educational, Health, Cultural, and Social Services Finance Authority; created.
58-814 - Authority; members; qualifications; appointment; terms; removal.
58-815 - Authority; officers; executive director; compensation; receive contributions.
58-816 - Authority; keep records and accounts; seal; certified copies.
58-817 - Authority; quorum; actions; vacancy; effect; meetings.
58-818 - Authority; officers, members, and employees; surety bond requirements.
58-819 - Authority; members; expenses.
58-820 - Authority member or employee; conflict of interest; abstention.
58-822 - Authority; perpetual succession; bylaws.
58-823 - Authority; adopt seal.
58-824 - Authority; office; location.
58-825 - Authority; sue and be sued.
58-826 - Authority; powers over project.
58-827 - Authority; issuance of bonds authorized.
58-828 - Authority; charge for services.
58-829 - Authority; rules and regulations for use of project; designate agent.
58-830 - Authority; personnel.
58-831 - Authority; receive loans, grants, and contributions.
58-832 - Authority; mortgage of certain property.
58-833 - Authority; loans authorized; limitation.
58-834 - Authority; issue bonds; make loans; conditions.
58-835 - Authority; administrative costs; apportionment.
58-836 - Authority; general powers; joint projects.
58-837 - Authority; combine and substitute projects; bonds; additional series.
58-838 - Expenses; how paid; liability; limitation.
58-839 - Authority; acquisition of property.
58-840 - Authority; financing obligations completed; convey title to eligible institution.
58-842 - Bond issuance; resolution; provisions enumerated.
58-843 - Bonds; secured by trust indenture; contents; expenses; how treated.
58-844 - Bonds issued to purchase securities of eligible institution; provisions applicable.
58-845 - Bonds issued to acquire federally guaranteed securities; provisions applicable.
58-846 - Refunding bonds; issuance authorized; provisions applicable.
58-847 - Bond issuance; state or political subdivision; no obligation; statement; expenses.
58-848 - Authority; rents or loan payments; use.
58-849 - Money received by authority; deemed trust funds; investment.
58-850 - Bondholders and trustee; enforcement of rights.
58-852 - Authority; journal; public records.
58-853 - Authority; public purpose; exemptions from taxation.
58-854 - Bondholders; pledge; agreement of the state.
58-855 - Act; supplemental to other laws.
58-856 - Act; provisions controlling.
58-857 - Nebraska Health Education Assistance Loan Program; established.
58-858 - Nebraska Health Education Assistance Loan Program; authority; powers.
58-859 - Nebraska Health Education Assistance Loan Program; loans; how funded.
58-860 - Nebraska Health Education Assistance Loan Program; bonds or other obligations; how paid.
58-861 - Nebraska Health Education Assistance Loan Program; bonds; security.
58-862 - Nebraska Health Education Loan Repayment Fund; created; use.
58-863 - Nebraska Student Loan Assistance Program; established.
58-864 - Nebraska Student Loan Assistance Program; authority; powers.
58-865 - Nebraska Student Loan Assistance Program; loans; how funded.