2005 Arizona Revised Statutes - Revised Statutes §10-11802  Appropriation of appreciation

A. The governing board may appropriate for expenditure for the uses and purposes for which an endowment fund is established as much of the net appreciation, realized and unrealized, in the fair value of the assets of an endowment fund over the historic dollar value of the fund as is prudent under the standard established by section 10-11806. This section does not limit the authority of the governing board to spend funds as permitted under other law, the terms of the applicable gift instrument or the charter of the institution.

B. The determination of historic dollar value made in good faith by the institution is conclusive.