Gotham Opera’s Liabilities Bring Scrutiny

In an article addressing the closing of the Gotham Chamber Opera due to financial liabilities, Loeb & Loeb partner Jason Lilien is quoted regarding New York State nonprofit law provisions that seek to ensure that the recipients of restricted gifts use them as their donors intended. The opera’s former executive director has acknowledged that he had spent on operating expenses money given to Gotham as a restricted gift to create a new composing prize. According to Lilien, “under New York law, restrictions imposed by donors on gifts may generally be released or modified only by obtaining the donor’s consent or by obtaining court approval, upon notice to the Attorney General.”

Click here to read the article on The New York Times website.