The AMS Rapid Diagnostic
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Talking to Your Board About UPMIFA
There’s a new regulation to contend with – the Uniform Prudent Management of Institutional Funds Act (or UPMIFA). UPMIFA updates an older law (from the 1970s) called UMIFA, the Uniform Management of Institutional Funds. [It’s been said that UPMIFA has the extra “P” added for “Prudence.”]
While still untested, and with some states slow to adopt (three states have yet to consider UPMIFA this year), UPMIFA provides important guidance to nonprofit directors and their boards but creates some pockets of uncertainty.
This white paper details what you need to know about the general requirements of UPMIFA and some guidance on how to prepare your board for their role in determining a prudent course of action with regard to your organization’s endowments.
