New Jersey § 15:18-28
Full text of New Jersey New Jersey Statutes § 15:18-28, with citation guidance and answers to common questions.
§ 15:18-28.
a. Subject to the intent of a donor expressed in the applicable gift instrument, an
institution may appropriate for expenditure or accumulate so much of an endowment
fund as the institution determines is 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
are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, 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: (1) the duration and preservation of the endowment fund; (2) the purposes of the institution and the endowment fund; (3) general economic conditions; (4) the possible effect of inflation or deflation; (5) the expected total return from income and the appreciation of investments; (6) other resources of the institution; and (7) the investment policy of the institution. b. To limit the authority to appropriate for expenditure or accumulate under subsection
a. of this section, a gift instrument shall specifically state the limitation. c. 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 words of
similar import: (1) create an endowment fund of permanent duration unless other language in the gift
instrument limits the duration or purpose of the fund; and (2) do not otherwise limit the authority to appropriate for expenditure or accumulate
under subsection a. of this section.
Frequently Asked Questions About New Jersey § 15:18-28
What does New Jersey Statutes § 15:18-28 cover?
Section 15:18-28 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 15:18-28?
A common citation format is "New Jersey Statutes § 15:18-28" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 15:18-28 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.