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The Uniqueness of Nonprofit Finance and the Decision to Borrow

✍ Scribed by Woods Bowman

Publisher
John Wiley and Sons
Year
2002
Tongue
English
Weight
132 KB
Volume
12
Category
Article
ISSN
1048-6682

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

Previous studies of nonprofit capital structure (borrowing relative to assets) support contradictory decision models of borrowing, but with no control for an endowment effect, which this article shows to be an important factor in the decision to borrow. Well‐endowed nonprofits borrow more relative to their physical assets. When endowment and investment income are backed out of the data, nonprofits are seen to optimize the balance between debt and physical assets.

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