{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-300.14","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-300.14","heading":"Appropriation for expenditure or accumulation of","body":"endowment fund – Rules of construction.\n\nAPPROPRIATION FOR EXPENDITURE OR ACCUMULATION OF ENDOWMENT FUND;\n\nRULES OF CONSTRUCTION.\n\n(a) Subject to the intent of a donor expressed in the gift\n\ninstrument, an institution may appropriate for expenditure or\n\naccumulate so much of an endowment fund as the institution\n\ndetermines is prudent for the uses, benefits, purposes, and duration\n\nfor which the endowment fund is established. Unless stated\n\notherwise in the gift instrument, the assets in an endowment fund\n\nare donor-restricted assets until appropriated for expenditure by\n\nthe institution. In making a determination to appropriate or\n\naccumulate, the institution shall act in good faith, with the care\n\nthat an ordinarily prudent person in a like position would exercise\n\nunder similar circumstances, and shall consider, if relevant, the\n\nfollowing factors:\n\n(1) the duration and preservation of the endowment fund;\n\n(2) the purposes of the institution and the endowment fund;\n\n(3) general economic conditions;\n\n(4) the possible effect of inflation or deflation;\n\n(5) the expected total return from income and the appreciation\n\nof investments;\n\n(6) other resources of the institution; and\n\n(7) the investment policy of the institution.\n\n(b) To limit the authority to appropriate for expenditure or\n\naccumulate under subsection (a), a gift instrument must specifically\n\nstate the limitation.\n\n(c) Terms in a gift instrument designating a gift as an\n\nendowment, or a direction or authorization in the gift instrument to\n\nuse only “income”, “interest”, “dividends”, or “rents, issues, or\n\nprofits”, or “to preserve the principal intact”, or words of similar\n\nimport:\n\n(1) create an endowment fund of permanent duration unless other\n\nlanguage in the gift instrument limits the duration or purpose of\n\nthe fund; and\n\n(2) do not otherwise limit the authority to appropriate for\n\nexpenditure or accumulate under subsection (a) of this section.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"17d2fdc5c0b5759b767ef4ca9e086838e96f7ad215bbec6e8a7ba145861f5a9a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-300.13","next":"us-ok/okla.-stat.-tit.-60-60-300.15"},"notice":"GroundRules: Original legal text. Not legal advice."}