Bill > SB368

This bill establishes the framework for civil actions when an institution violates the terms of an endowment agreement, which is a contract where a benefactor agrees to transfer property to an institution for a charitable purpose, with the institution agreeing to manage it according to specific restrictions. The bill defines key terms like "benefactor" (the person donating), "benefactor representative" (someone designated to handle disputes or the estate administrator), and "endowment agreement" itself, clarifying that these agreements involve a commitment from both the donor and the institution regarding the management, investment, spending, or purpose of the donated funds for the benefit of a state institution of higher education. If an institution violates these restrictions, a benefactor or their representative can notify the Attorney General's office. If the Attorney General doesn't resolve the issue within 180 days, the benefactor or representative can file a lawsuit seeking declaratory or equitable relief, but not monetary damages for themselves. The bill also outlines procedures for filing such complaints, including who must be named as parties and establishes a six-year statute of limitations for bringing these actions, with some exceptions. It also clarifies that these provisions apply to endowment funds established on or after the bill's effective date, and to pre-existing funds only for breaches occurring after that date.

Education

https://www.legislature.ohio.gov/legislation/136/sb368