Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. CS for SB 952
       
       
       
       
       
       
                                Barcode 521130                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/04/2011           .                                
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       The Committee on Higher Education (Lynn) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 207 - 256
    4  and insert:
    5         (6) RELEASE OR MODIFICATION OF RESTRICTIONS ON MANAGEMENT,
    6  INVESTMENT, OR PURPOSE.—
    7         (a) If the donor consents in a record, an institution may
    8  release or modify, in whole or in part, a restriction contained
    9  in a gift instrument on the management, investment, or purpose
   10  of an institutional fund. A release or modification may not
   11  allow a fund to be used for a purpose other than a charitable
   12  purpose of the institution.
   13         (b) If consent of the donor in a record cannot be obtained
   14  by reason of the donor’s death, disability, unavailability, or
   15  impossibility of identification, a governing board may modify a
   16  restriction contained in a gift instrument regarding the
   17  management, investment, or use of an institutional fund if the
   18  fund has a total value of $100,000 or less and the restriction
   19  has become impracticable or wasteful, impairs the management,
   20  investment, or use of the fund or if, because of circumstances
   21  not anticipated by the donor, a modification of a restriction
   22  will further the purposes of the fund.
   23         (c) If an institution determines that a restriction
   24  contained in a gift instrument on the management, investment, or
   25  purpose of an institutional fund is unlawful, impracticable,
   26  impossible to achieve, or wasteful, the institution, after
   27  providing written notice to the Attorney General, may release or
   28  modify the restriction, in whole or part, if:
   29         1. The institutional fund subject to the restriction has a
   30  total value of at least $100,000 and not more than $250,000;
   31         2. More than 20 years have elapsed since the fund was
   32  established; and
   33         3. The institution uses the property in a manner consistent
   34  with the charitable purposes expressed in the gift instrument.
   35         (d) The circuit court for the circuit in which an
   36  institution is located, upon application of that institution,
   37  may modify a restriction contained in a gift instrument
   38  regarding the management or investment of an institutional fund
   39  if the restriction has become impracticable or wasteful, if it
   40  impairs the management or investment of the fund, or if, because
   41  of circumstances not anticipated by the donor, a modification of
   42  a restriction will further the purposes of the fund. The
   43  institution shall notify the Attorney General of the
   44  application. To the extent practicable, any modification must be
   45  made in accordance with the donor’s probable intention.
   46         (e) If a particular charitable purpose or a restriction
   47  contained in a gift instrument on the use of an institutional
   48  fund becomes unlawful, impracticable, impossible to achieve, or
   49  wasteful, the circuit court for the circuit in which an
   50  institution is located, upon application of that institution,
   51  may modify the purpose of the fund or the restriction on the use
   52  of the fund in a manner consistent with the charitable purposes
   53  expressed in the gift instrument. The institution shall notify
   54  the Attorney General of the application.