NotesFAQContact Us
Collection
Advanced
Search Tips
ERIC Number: ED115135
Record Type: Non-Journal
Publication Date: 1970-Dec
Pages: 9
Abstractor: N/A
Reference Count: N/A
ISBN: N/A
ISSN: N/A
Further Notes on the Concept of Total Return: The Law and the Lore of Endowment Funds: A Reply to the Critics. Total Return and College and University Investments: A Comment.
Cary, William L.; Meck, John F.
NACUBO Professional File, v1 n6 Dec 1970
In 1969, in a report to The Ford Foundation entitled "The Law and the Lore of Endowment Funds," William L. Cary and Craig B. Bright summarized the results of an extensive survey of the law governing college and university endowment funds. The key conclusion of the report is that "there is no substantial authority under existing law to support the widely held view that the realized gains of endowment funds of educational institutions must be treated as principal." This was critiqued by Thomas E. Blackwell and Ralph S. Johns (NACUBO Professional File, May 1970). The first article in this publication by Cary and Bright is a reply to the critique and deals primarily with the legal aspects of endowment funds and particularly with the question of whether capital gains on investments should be treated as principal or as income. The second article, by John F. Meck, is also a comment on the Blackwell-Johns article and presents the author's thoughts on the investment considerations involved, especially as they relate to the concept of total return. (JMF)
National Association of College and University Business Officers, One Dupont Circle, Washington, D.C. 20036
Publication Type: Journal Articles
Education Level: N/A
Audience: N/A
Language: N/A
Sponsor: N/A
Authoring Institution: National Association of College and University Business Officers, Washington, DC.