New Law Permits Increased Flexibility in Expending and Managing Charitable Funds

more+
less-

Arizona charities now have expanded ability to access restricted funds. In July of 2006, the National Conference of Commissioners on Uniform State Laws (“NCCUSL”) adopted the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”). Arizona’s version of UPMIFA, titled the “Management of Charitable Funds Act,” was effective in September of 2008. The Act provides more flexibility for charities in how they make investments, expend endowment funds, obtain modifications or releases of restrictions on endowments, and provides statutory authority for charities that are interested in making mission-related investments.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ellis Carter, Carter Law Group, P.C. | Attorney Advertising

Written by:

more+
less-

Carter Law Group, P.C. on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×