Common use of Classification for Accounting Purposes Clause in Contracts

Classification for Accounting Purposes. a) Permanently Restricted Fund (Permanent Endowments) - include wherein donors have stipulated that all or a specified portion of the principal contributed be invested and maintained in perpetuity. Income earned from these investments is available for expenditure according to restrictions imposed by the donors and consideration of the appropriation criteria by the Foundation pursuant to the New York Prudent Management of Institutional Funds Act (“NYPMIFA”).