Much has been written in charity law on the type of benefits that charities can provide - charitable purposes - and towards whom such benefits must be directed - the public benefit question. Almost nothing has been written about when benefits must be provided. However, accumulation of assets by charities raises profound ethical, economic and social considerations that are highlighted by the present retreat of the welfare state and the impact of the Global Financial Crisis and COVID-19. This book analyses the issue through a normative, doctrinal and comparative analysis of the legal constraints upon accumulation by charities. It reveals that the legal restraints contain significant gaps in relation to the intergenerational distribution of benefits and to the balance of decision-making between generations. In particular, the book asserts that there is room for law reform to better identify and incorporate principles of intergenerational justice into the regulation of charities.

'This book is a valuable contribution to a critical area that spans many academic disciplines. For researchers of nonprofit governance and finance, Murray's writing about complex legal systems is accessible and will no doubt provide important details that are lacking from our current analyses. Further, its comparative analysis of legal systems and policies - likely the first of its kind - will appeal to those who study nonprofits across the globe. Finally, for policy makers grappling with the issue of how to think about charitable asset accumulation and potential reforms, Murray offers a vision forward that largely maintains sector independence from government while incorporating intergenerational justice much more directly into organizational decision making.' Thad D. Calabrese, Voluntas: International Journal of Voluntary and Nonprofit Organizations

Ian Murray is Associate Professor and Deputy Head of School – Research, UWA Law School, University of Western Australia. Dr Murray's research focuses on the intersection between not-for-profit law, tax and corporate governance. He has published widely and draws on a decade of practical experience as a lawyer, charity board member and university in-house counsel.