A northern Wisconsin college spent down its endowment before it closed. Some donors think it broke the law.

Northland College in northern Wisconsin is facing scrutiny from donors who believe it mishandled its endowment before closing last year. The college borrowed $22 million from its restricted endowment to fund operations, a move that some donors argue violated legal and ethical guidelines. A judge is now poised to approve the final distribution of the remaining funds, but the controversy highlights broader concerns about financial oversight and transparency in educational institutions. This situation underscores the potential legal and ethical dilemmas that can arise when institutions struggle financially.