This case provides a summary of a situation in which a newly appointed superintendent and his new chief financial officer of a midsized urban school district uncover a massive set of fiscal problems which had been previously hidden from the Board and most other stakeholders. How do the district's top leaders make decisions about how to address the…

Discusses questions concerning the tax status of scholarship and fellowship grants that continue to plague grantors, the grant recipients, and the United States Treasury. (Author/PG)

The major legal issues surrounding trustee financial exigency decisions, the fiduciary duties of trustees to preserve net institutional assets, and potential trustee liability for a decision to close an institution prior to bankruptcy are examined. (Author/MSE)