UPMIFA

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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.  Subsequently, in early 2007, the FASB staff began looking into the possibility of additional technical guidance - in the form of a FASB Staff Position (FSP).  FASB staff spent months reading, researching, and discussing financial reporting issues concerning the effect of UPMIFA.  In the fall of 2007, the FASB staff asked the Board to add to its agenda a short-term project to issue a FASB Staff Position with guidance concerning the effect of UPMIFA on the net asset classification of donor-restricted endowment funds by not-for-profit organizations. This matter has widespread importance to independent colleges and universities. 

NACUBO's UPMIFA Resource Page - includes UPMIFA provisions and helpful resources

Up to Speed on UPMIFA - From "Business Officer" (4/2007)

Read FASB project progress

Accounting Principles Council (APC) Letters

• NACUBO's Comments to FASB  (December, 2007)
• Initial APC Feedback to FASB     (December, 2007)

FASB News Items

•  FASB Addresses UPMIFA and Endowment Reporting (January, 2008)
•  FASB Addresses UPMIFA  (November, 2007)