Earlham College, closing chapter?
The pact, approved by Hamilton Superior Court Judge William Hughes, leaves both sides of the lawsuit with a substantial piece of the $175 million endowment that had been a focus of litigation and past concern.Hughes’ ruling also clears the way for the formation of two governing Conner Prairie bodies: a seven-member Foundation Board and an 11-member Museum Board.
“I believe this basically resolves this case,” Hughes said after approving the agreement between Earlham’s board of trustees and Indiana Attorney General Steve Carter.
The court’s approval should be the final step before the college and the museum finally part ways. A link to my coverage of this issue to-date
In a related editorial, the Journal Gazette opines that AG Carter should be authorized by the legislature to hold private charitable foundations to account for their actions, noting the AG’s action against Earlham as trustee as a positive example of the AG’s oversight of charities. The editorial was prompted by the activities at the Schwab Foundation, which I have discussed earlier. The piece notes that Indiana Code 30-4-5.5-1 give the AG authority to pursue the trustee of a charitable trust, but does not cover private foundations. Link.
