A Vow Unpaid
By: Rick Boxx
June 3, 2014
According to the Kansas City Star, the Kansas City Art Institute received a $5 million pledge from former banker, Larry Dodge. After the 2008 banking crisis, Mr. Dodge’s bank was seized by regulators and he was devastated financially.
According to the Dodge’s, they paid $1 million towards their pledge, but due to the change in their circumstances, they requested that KCAI allow them to restructure their pledge. Instead, KCAI filed suit and aggressively pursued them for the remainder of their pledge!
It is somewhat unprecedented for a nonprofit organization to aggressively pursue a donor this publicly, and is a reason to question their judgment. Yet, the Dodge’s have also experienced the meaning of Ecclesiastes 5:5, “It is better that you should not vow than that you should vow and not pay.”
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