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From Lorman Education Services
Living With Uniform Prudent Management of Institutional Funds Act (UPMIFA)
...UPMIFA as law and the Uniform Act is presently pending in an additional 16 jurisdictions. By the end of 2009, in most of the United States, attorneys representing nonprofit institutions and those who donate to them and their endowment funds will be governed by new state law which replaces the Uniform Management of Institutional Funds, which had been the law in 47 states since 1972.
This
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Living With Uniform Prudent Management of Institutional Funds Act (UPMIFA)
FAS 117-1: Endowments of Not-for-Profit Organizations
...s as to the proper classification of endowment funds when UPMIFA has been enacted and expands the required disclosure about endowment funds.
The replacement of the prior legal restrictions of historic dollar value with the seven articulated standards of prudence set forth in UPMIFA has thrown into some turmoil the rules governing how a nonprofit organization should present its financial
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