Georgia § 44-15-4 - Management of institutional funds for endowment.
Full text of Georgia Official Code of Georgia Annotated § 44-15-4 — Management of institutional funds for endowment., with citation guidance and answers to common questions.
§ 44-15-4. Management of institutional funds for endowment.
Subject to the intent of a donor expressed in the gift instrument or to any express written agreement between a donor and an institution, an institution may appropriate for expenditure or accumulate assets of an endowment fund as the institution determines shall be prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund shall be donor restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate assets, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors: The duration and preservation of the endowment fund; The purposes of the institution and the endowment fund; General economic conditions; The possible effect of inflation or deflation; The expected total return from income and the appreciation of investments; Other resources of the institution; and The investment policy of the institution. To limit the authority to appropriate assets for expenditure or accumulation under subsection (a) of this Code section, a gift instrument shall specifically state the limitation. Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only income, interest, dividends, or rents, issues, or profits, or to preserve the principal intact, or other words of similar meaning shall: Create an endowment fund of permanent duration, unless otherwise provided by the gift instrument for limiting the duration of such fund; and Not otherwise limit the authority to appropriate assets for expenditure or accumulation under subsection (a) of this Code section. (Code 1981, § 44-15-4 , enacted by Ga. L. 2008, p. 149, § 1/HB 972.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 44-15-4
What does Official Code of Georgia Annotated § 44-15-4 cover?
Section 44-15-4 ("Management of institutional funds for endowment.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 44-15-4?
A common citation format is "Official Code of Georgia Annotated § 44-15-4" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 44-15-4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.