Joanne Florino (Philanthropy Roundtable) has written an essay titled What Happens to Endowments When Institutions Fail? From the Philanthropy Roundtable introduction to the essay:
In the August 2026 issue of Planned Giving Today, Philanthropy Roundtable’s Adam Meyerson Distinguished Fellow in Philanthropic Excellence Joanne Florino examines the rising number of donor-intent disputes over restricted gifts as colleges close or merge.
She highlights the legal and ethical tensions that arise when institutions seek to repurpose restricted endowment funds, citing cases that include Earlham College’s court petition to tap restricted Eli Lilly gifts, the University of the Arts’ cy-près distribution of its endowment and the ensuing donor-family lawsuit, Concordia University Ann Arbor’s contested transfer of gifts after campus closure and Wells College’s more orderly wind-down with a legacy partner.