A trust indenture states that the principal (corpus) of the trust is to be maintained intact in

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A trust indenture states that the principal (corpus) of the trust is to be maintained intact in perpetuity. Yet, although the governmental trustee did not violate the terms of the trust agreement—and it was not subsequently revised—the principal (corpus) had decreased to less than half its original amount 5 years after the trust was created. Why or how could this have happened?

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Governmental and Nonprofit Accounting

ISBN: 978-0132751261

10th edition

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

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