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What are the accounting and legal implications of encroaching on
endowment principal balances? The encroachment was the result of: 1)
paying expendables greater than investment earnings, due to policies
set when earnings were higher; 2) equity
investment market losses. The charitable organization is subject to
Canadian GAAP and the Trustees Act in Canada, but information from
other jurisdictions could also be helpful. Official accounting and
legal opinions will be obtained but an answer to this question will
help to provide background and understanding before such meetings.
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