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Business and Policy Areas
Business and Policy Areas
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NACUBO Board Resolution on UPMIFA

RESOLUTION

Adopted by the NACUBO Board of Directors
March 17, 2007

Board Recommendation on the Adoption of the Uniform Prudent Management of Institutional Funds Act

WHEREAS, in July 2006 the National Conference of Commissioners on Uniform State Laws (NCCUSL) did adopt and recommend that the states enact the Uniform Prudent Management of Institutional Funds Act (UPMIFA);

WHEREAS, the new uniform law includes important changes and updates that will allow colleges and universities to more efficiently and effectively manage institutional funds, including endowment funds;

WHEREAS, the promotion of strong standards for the investment and expenditure of charitable funds is both in the public interest as well as the best interest of colleges and universities;

WHEREAS, it is the sense of the Board that the prompt adoption of this new uniform act in the states would be beneficial to the membership of the association;

RESOLVED, that NACUBO should: 1) work with other organizations that share an interest in the adoption of this legislation in the states; 2) encourage its members to become advocates for the measure, and; 3) support its members in the various states to secure the introduction and approval of the uniform act in their legislature.