1715.52 Appropriations from net appreciation.

The governing board of an institution 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 the endowment fund over the historic dollar value of the fund as is prudent under the standard established by section 1715.56 of the Revised Code. This section does not limit the authority of a governing board to expend funds as permitted under other law, the terms of the applicable gift instrument, or the charter of the institution.

Effective Date: 10-01-1996