Foundation endowment

(1) All property designated by a founder, and conveyed or transferred to a foundation by deed, bill of sale, assignment, 60 foreclosure, bequest, distribution, operation of law or by other disposition is the endowment of the foundation. (2) Assets acquired by the administration of the foundation and its endowment are also part of the endowment. (3) The endowment includes properly acquired by right accruing to the foundation as a substitute or replacement for property that has been destroyed, damaged, removed or acquired in any other way by the administration of the endowment. (4) The endowment includes all profit, gain, appreciation or other accretion to the property. (5) The foundation council shall have the authority to accept any property at any time from any person or entity by contribution, sale, loan, gift, testamentary or other disposition pursuant to the foundation charter. (6) The endowment shall be maintained for the benefit of the beneficiaries of the foundation or to effectuate the purposes of the foundation as specified in its charter.