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Maryland nonprofits investing in offshore accounts

Maryland nonprofits investing in offshore accounts

When the Chesapeake Bay Foundation, the Johns Hopkins University and other Maryland nonprofits want to maximize the money they can spend in pursuit of their missions, they do what many wealthy individuals and businesses do.

They open investment accounts overseas.

Many of Maryland's wealthiest nonprofits — including the University of Maryland Foundation, the Baltimore Museum of Art, The Associated: Jewish Community Federation of Baltimore and two organizations that support the Naval Academy — maintain accounts in such tax havens as Bermuda, the British Virgin Islands,...