On June 2, 2009, a joint Judiciary Committee of the Massachusetts Legislature held a hearing to receive public comment on Senate Bill 1783 that proposes enactment of the Uniform Prudent Management of Institutional Funds Act (UPMIFA). In recognition of the mounting financial pressures impacting many charitable organizations, representatives of key sectors of the Massachusetts nonprofit community testified in support of prompt passage of the proposed legislation. Senator Robert A. O’Leary, the bill’s sponsor, urged the Legislature to pass the bill by June 30th thereby enabling organizations with June 30 fiscal year ends to forecast the extent to which they may use endowment funds when budgeting for their upcoming fiscal year. We will continue to closely monitor the progress of the proposed legislation and keep you advised when appropriate.
Please see full advisory for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.