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give 60 days notification to the Attorney General prior to the release or
modification of the restriction. See RCW 24.55.045.
Even if a release of the restrictions imposed on the fund is obtained, the
endowment fund may not be used for purposes other than charitable purposes.
Directors and other persons responsible for managing and investing
institutional funds should pay particular attention to restricted gifts. Some
restrictions designate a successor charity in the event the primary beneficiary
ceases to exist or fails to use the funds as required. Directors and other persons
responsible for managing and investing institutional funds are subject to a specific
standard of conduct and failure to follow the conditions imposed on restricted gifts
may result in unexpected consequences for directors and other responsible
persons, including personal liability. See RCW 24.55.015.
WASHINGTON NONPROFIT HANDBOOK -296- 2018
