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Who Are the Beneficiaries of Fisk University's Stieglitz Collection?

26 Pages Posted: 1 May 2011 Last revised: 2 Jul 2011

Alan Feld

Boston University - School of Law

Date Written: April 29, 2011

Abstract

Most fiduciary relationships determine with specificity the beneficiaries of the fiduciary's activities. Not-for-profit entities, however, serve a class of unspecified beneficiaries and can exercise discretion in determining who to serve and how to serve them. This paper explores the limits of discretion that recent litigation established for Fisk University in balancing its educational mission and its administration of a valuable art collection donated decades earlier. The paper analyzes the case as it addresses respect for donor conditions, changes in circumstance, standing issues, the doctrine of cy pres and the designation of the appropriate class of public beneficiaries. Race and geography also play contributing roles.

Keywords: Art, Not-for-profit, Donor conditions, Cy pres, Trust, Estates, Fiduciary, University, Fish, Museum, nonprofit, philanthropy

JEL Classification: K11, K19, K39

Suggested Citation

Feld, Alan, Who Are the Beneficiaries of Fisk University's Stieglitz Collection? (April 29, 2011). Boston University Law Review, Vol. 91, p. 873, 2011; Boston University School of Law Working Paper No. 11-17. Available at SSRN: https://ssrn.com/abstract=1825959

Alan Feld (Contact Author)

Boston University - School of Law ( email )

765 Commonwealth Avenue
Boston, MA 02215
United States

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