2005 Vermont Code - § 3402. — Appropriation of appreciation

§ 3402. Appropriation of appreciation

The governing board may appropriate for expenditure for the uses and purposes for which an endowment fund is established so 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 3406 of this title. This section does not limit the authority of the governing board to expend funds as permitted under other law, the terms of the applicable gift instrument, or the charter of the institution. (Added 1973, No. 59, § 1.)