Uniform Management of Institutional Funds Act

Summary

Uniform Management of Institutional Funds Act - States that the governing board may appropriate for expenditure for the uses and purposes for which an endowment fund is established so much of the net appreciation, realized and unrealized, in the fair value of the assets of an endowment fund over the historic dollar value of the fund as is prudent under the standard established by this Act, except when the applicable gift instrument indicates the donor's intention that net appreciation shall not be expended. Provides that the governing board, subject to any specific limitations set forth in the applicable gift instrument or law, may: (1) invest and reinvest an institutional fund in any real or personal property deemed advisable by the governing board; (2) retain property contributed by a donor to an institutional fund for as long as the governing board deems advisable; (3) include all or any part of an institutional fund in any pooled or common fund maintained by the institution; and (4) invest all or any part of an institutional fund in any other pooled or common fund available for investment. States that with the written consent of the donor, the governing board may release, in whole or in part, a restriction imposed by the applicable gift instrument on the use or investment of an institutional fund.

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1 official file

• Introduced in House

  summary · EN · 22 January 1974

  Open at official source

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