Even the Smallest Nonprofit Groups Tried Their Hands at High Finance
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September 23, 2009, The New York Times — Even the smallest of nonprofits ventured into the world of high finance. A decade ago, Family Service of Greater Boston, a 174-year-old social services agency with an annual budget of about $6 million, sold its nine-story row house on Beacon Hill. Rather than use the $8.1 million in proceeds to buy a new building, Family Service put the money from the sale into its endowment and floated $8 million in variable-rate tax-exempt bonds tied to a swap contract that protected it from interest rate fluctuations.