Southwestern Baptist Theological Seminary and Baylor University have filed a lawsuit with the Texas-based Harold E. Riley Foundation and its board of trustees over what they say is an “attempted coup” of the foundation.
According to the Baptist Press, the schools allege in the lawsuit that the foundation was set up to make both universities “equal” charitable recipients of the funds, but the board of trustees rewrote the by-laws to cut them out of the funds
The lawsuit says:
“This secret coup appears to be an attempt to seize control of the Foundation and its assets; i.e., Mr. Riley’s Citzens’ shares. Defendants’ efforts to change the trust and eliminate the Beneficiaries’ ability to appoint trustees was apparently not enough. Defendants are now trying to seize control of the one business whose stock forms the primary asset of the Foundation.”
According to charity documents in the public domain, the Harold E. Riley Foundation was founded in 2018 as a Private Foundation with over 13 million dollars in revenue. If the allegations about the board are true, then this means Southwestern and Baylor University could both potentially be out millions of dollars in funds.
Colby T. Adams, the vice president of strategic initiatives at Southwestern, told Religion News Service in an email “This is but the latest in a two-year pattern of attempts to divert support…
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