Home      Login

Abstract: 

For many years, the Uniform Management of Institutional Funds Act (UMIFA) has provided standards for managing, investing, and expending funds held by nonprofit institutions. UMIFA was first promulgated in 1972, and it was thereafter adopted, with some variations, in 47 states and the District of Columbia. In recent years, however, there has been some concern that UMIFA does not address certain current issues, and thus, the National Conference of Commissioners on Uniform State Laws undertook a project to modernize the act. The product of its efforts, the Uniform Prudent Management of Institutional Funds Act (UPMIFA), was finalized in July 2006 and has now been adopted in slightly more than half the states.

Keywords: 

Affiliations:  1: Sutherland Asbill and Brennan; 2: Sutherland Asbill and Brennan.