Planning Is Key to Treatment of Charities’ Endowment Funds in Bankruptcy
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Planning Is Key to Treatment of Charities’ Endowment Funds in Bankruptcy
By Eric J. Monzo, Partner & Brenna A. Dolphin, Associate, Morris James LLP
The charitable nonprofit form creates unique issues of corporate governance. Officers and directors owe fiduciary duties to their charitable institutions, and insolvency or reorganization complicates issues, particularly with regard to the handling of endowment funds.
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Brenna A. Dolphin is an associate in the Bankruptcy and Creditors’ Rights Practice group of Morris James LLP, a Delaware law firm. She advises debtors, creditors, lenders, purchasers, and other parties in interest in all stages of restructuring transactions. Prior to joining Morris James, Dolphin was a deputy in the Delaware Attorney General’s Consumer Protection Unit, which is responsible for oversight of nonprofits within the state.
Eric J. Monzo is a partner in the Bankruptcy and Creditors’ Rights Practice of Morris James LLP, a Delaware law firm. He represents a variety of clients in complex business reorganizations, debt restructurings, and insolvency matters, and a focus of his practice includes representing directors and officers of distressed companies and nonprofits, as part of the firm’s Distressed Entity and Insolvency Counseling practice.
