Assembly Bill 224 was signed into law by Governor Walker on March 29. The bipartisan bill, authored by State Representatives Dean Kaufert (R-Neenah) and Gordon Hintz (D-Oshkosh) gives schools and libraries greater flexibility in the management of gifts and grants to their institutions.
Formerly, the state law had been amended to give public libraries the authority to transfer gifts and grants to a related foundation. This new law, Act 163, would expand the authority to schools and allow both types of institutions to transfer funds to community foundations. There are many benefits of working with a local community foundation, not least of which is their expertise in managing investment funds.
Read the complete news release from the Wisconsin Legislature.
For more on this topic, don't miss the WAPL Conference program, "Making the Most of Donor Dollars" on Thursday, May 10, which will discuss the benefits of using foundations to manage gifts and grants. Speakers are Victor Schultz, M&I Wealth Management of BMO Financial Group, formerly in private practice advising clients on creating trusts and foundations; Paula Kiely, Director, Milwaukee Public Library; Sharon Cook, Trustee, Milwaukee Public Library, and member of the Not-for-Profit Team at M&I Institutional Trust Services.
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