Sunday, January 11, 2009

Money From Defunct Nonprofit to Fund Scholarships at Indiana University Northwest

The Associated Press reports that Indiana Attorney General Steve Carter says $675,000 recovered from the now-defunct Gary Urban Enterprise Association will fund scholarships at Indiana University Northwest.

Carter said the scholarships will be available for residents of Gary's Emerson neighborhood, an area that did not benefit from the association's work because of mismanagement.

The association was created in 1985 to buy and improve land in Gary's poorest neighborhoods under a state law that allowed businesses to pay reduced taxes by donating more than $15 million to the nonprofit group between 2000 and 2003.

The association was dissolved last year after its top managers were charged with embezzlement.

This is the largest endowed scholarship established for Indiana University Northwest.

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http://lawprofessors.typepad.com/nonprofit/2009/01/money-from-defu.html

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