UPMIFA: Uniform Prudent Management of Institutional Funds Act


California law governing the management, investment and spending of donor–created endowment funds held by charitable organizations has recently changed. Until January 1, 2009, endowment funds were regulated by the Uniform Management of Institutional Funds Act ("UMIFA"), but endowment funds established after January 1, 2009 (the "Effective Date") will be regulated by the Uniform Prudent Management of Institutional Funds Act ("UPMIFA"). Endowment funds that were established prior to the Effective Date are subject to UPMIFA only with respect to actions taken after the Effective Date. Thus, effectively, UPMIFA applies to all donor–created endowment funds held by charitable institutions in California.

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