Nonprofit Institutions Advisory: Proposed UPMIFA Legislation Will Increase Flexibility in Spending and Management of Endowment Funds

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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.

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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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