Living With the Uniform Prudent Management of Institutional Funds Act (OnDemand Webinar)

$149.00

SKU: 409770EAU

Description

Explore what is covered by UPMIFA and many common misunderstandings about its scope and limitations.The Uniform Prudent Management of Institutional Funds Act (UPMIFA) was released for State enactment in 2006, following five years of study and drafting by the Uniform Law Commission. Within three years, it had been adopted by a majority of all states, and within five years, it had been adopted by 50 states, the District of Columbia, and the U.S. Virgin Islands leaving only two jurisdictions in the country where it is not the law governing the investment and expenditure.Almost 20 of the labor force in the United States is directly affected or employed by charitable organizations, and since the Act governs the use, management, and expenditure of trillions of dollars, its importance and impact on our daily life cannot be overstated. This UPMIFA Update Program will review the origin and rationale of UPMIFA and explain its continued importance and popularity as the primary source of law governing this vital portion of the United States Economy.This course will explore what is covered by UPMIFA and many common misunderstandings about its scope and limitations. We will also review some of the developments in the law since its 2006 creation, including variations in some state versions of the Act, several important appellate court interpretations of UPMIFA, and the ongoing legislative pressure to make further changes in this vital statute.

Date: 2022-06-23 Start Time: End Time:

Learning Objectives

Background of UPMIFA

Impact of UPMIFA

Types of Institutions

Types of Funds

Importance of Proper Classification of Gifts

Legal Obligations of the Board of an NPO

Examples of Endowment Restrictions

Requirements of Law Under UPMIFA

The Creation Process for UPMIFA

What Does UPMIFA Do?

The Elimination of HDV as a Bright Line Restriction

Limitation on Endowed Spending Authorization

Enactment of 7% Presumption of Imprudence Option

Release or Modification of Restrictions

UPMIFA Accounting Rules and FASB Rules

Examples of Drafting Around UPMIFA

Recent Cases Involving Interpretation of UPMIFA

The Prospects for the Future of UPMIFA

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Barry C. Hawkins-Shipman & Goodwin LLP