New Law Permits Increased Flexibility in Expending and Managing Charitable Funds

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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.

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Published In: Business Organization Updates, Tax Updates

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.

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