Bill No.: HB0118 Drafter: MQ
LSO No.: 09LSO-0300 Effective Date: 7/1/2009
Enrolled Act No.: HEA0108
Chapter No.: 185
Prime Sponsor: Representative Pedersen
Catch Title: Uniform Prudent Management of Institutional Funds Act.
Subject: Adopts the Uniform Prudent Management of Institutional Funds Act (UPMIFA).
· UPMIFA provides standards for the management and investment of institutional funds which are funds used exclusively for charitable purposes.
· Requires fund managers to consider the charitable purposes of the institution and the purposes of the institutional fund.
· Provides requirements to be considered by the fund manager in making management and investment decisions about the fund's assets, including placing a limitation on the amount of the fund which may be expended each year.
· Authorizes an institution to delegate the management of a fund to an external agent.
· Makes provision for the modification of a restriction in a gift instrument regarding the management or investment of an institutional fund.
· Repeals the former Uniform Management of Institutional Funds Act (UMIFA) since this is an updated version of that Act.
· Final action on this bill was not taken at the time this summary was prepared. Should changes be made to the bill upon final passage, an updated summary will be transmitted to all legislators.