Businesses: charitable organizations; rebuttable presumption of imprudence for certain expenditures from an endowment fund; provide for. Amends sec. 4 of 2009 PA 87 (MCL 451.924).

Summary

The bill changes Michigan’s 2009 Public Act 87 by adding a rule that certain expenditures from a charity’s endowment fund are presumed imprudent unless proven otherwise. It targets charitable organizations that manage endowment assets and could affect businesses that work with those charities. The change is intended to protect endowment assets and ensure prudent use of donor funds.

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