Governor Deval Patrick signed into law the Uniform Prudent Management of Institutional Funds Act (UPMIFA) earlier this month. UPMIFA applies to both existing institutional funds, as well as those established after June 30, 2009. Our Client Advisory dated June 4, 2009 discusses in detail the full import of this fundamental change to Massachusetts law affecting charitable organizations. Today’s Advisory outlines certain key provisions of Massachusetts UPMIFA, while noting certain important changes between the proposed legislation we reported about in our earlier Advisory1 and the law, as enacted.

Please see full advisory for more information.