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UPMIFA

In late 2006 - as many national groups became familiar with the model Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA) - NACUBO, accounting firms and other non profit constituents of the FASB raised questions concerning accounting literature interpretation and financial reporting consistency under UPMIFA.  On August 6, 2008, FASB issued its staff position on this matter (FSP FAS 117-1).  This FSP is important to independent colleges and universities.

FASB News Items

• FASB Releases FSP 117-1 addressing UPMIFA and Endowments (August, 2008)
• FASB Reaches Conclusions on UPMIFA and Endowment Accounting (January, 2008)
• FASB Addresses UPMIFA (November, 2007)

Sample Board Resolutions and Disclosures

• FSP FAS 117-1 Disclosure for UMIFA states
• FSP FAS 117-1 Generic Resolution for UPMIFA states

Other Resources

• NACUBO's UPMIFA Resource Page - includes UPMIFA provisions and helpful resources, including status in the states
• Up to Speed on UPMIFA - From Business Officer (4/2007)
• Business Brief from Business Officer (4/2009) on underwater endowments
• On-Demand webcast: Understanding Underwater Endowments (recorded 2/11/2009)

Comment Letters

• NACUBO's Comments on FASB Staff Position Paper 117-a "Endowments of Not-for Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Management of Institutional Funds Act, and Enhanced Disclosures" (4/18/2008)
• Accounting Principles Council's (APC) comment letter echoing the content of the above listed NACUBO Letter (4/28/08)