UNIFORM PRUDENT MANAGEMENT OF
INSTITUTIONAL FUNDS ACT
PURPOSE:
This act, like its predecessor the Uniform Management of Institutional Funds Act of 1972, provides statutory guidelines for management, investment, and expenditures of endowment funds held by charitable institutions. The new act expressly provides for diversification of assets, pooling of assets, and total return investment, to implement whole portfolio management, bringing the law governing charitable institutions in line with modern investment and expenditure practice.
ORIGIN:
Completed by the Uniform Law Commissioners in 2006.
STATE ADOPTIONS:
Alabama Arizona California Connecticut
Colorado Delaware
District of Columbia
Georgia Idaho
Indiana Iowa
Kansas
Minnesota Montana
Nebraska
Nevada
New Hampshire Oklahoma
Oregon
South Carolina South Dakota
Tennessee
Texas
Utah
Virginia West Virginia |
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2008 INTRODUCTIONS:
Illinois
Maryland
Michigan
Mississippi
New Mexico
Ohio
Vermont
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