[Taxacom] Principal (Mis)use

[Peter Stevens]

Does anybody involved in the administration/use of funds know of  
situations where 1-2% of the PRINCIPAL of an endowment is taken  
annually and used for "development", i.e. mostly fundraising, but for  
the institution as a whole, not for the center with that endowment  
(in this case, institution is a University, center focuses on  
tropical ecology/conservation). This is in addition to the one-time  
6% levied on new gifts (and of course far more if it is a phone  
solicitation).

Replies off list, but I would appreciate them!

P.