Guidance on Endowments During COVID-19

Anita Walker, Executive Director

Advisory from Mass Cultural Council and Attorney General's Office

Mass Cultural Council recognizes that in these unprecedented times, many cultural institutions are facing difficult questions about continued operations and pursuit of their charitable missions. We also recognize that cultural institutions may hold donor-restricted endowment funds and/or collections assets. The Massachusetts Office of the Attorney General has issued “Attorney General Guidance on Endowments for Charities Facing Financial Challenges Due to COVID-19.”

We urge cultural institutions that are looking to their asset portfolios in considering ways to fund continued operations to consult this guidance document and seek counsel from an attorney before taking any extraordinary steps. Further, we encourage cultural institutions to reach out to the Non-Profit Organizations/Public Charities Division of the Massachusetts Attorney General’s Office (the “Division”) to discuss the impact that restrictions may have on their plans. The Division may be reached at charities@mass.gov if you wish to arrange a time to discuss the needs of your organization.