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Category Archives: Endowments

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Attorney General Issues Guide on the New York Prudent Management of Institutional Funds Act

Posted in Endowments

           On March 17, 2011, the New York State Attorney General’s Charities Bureau published “A Practical Guide to the New York Prudent Management of Institutional Funds Act” (the “Guide”).  The Guide provides a summary of the New York Prudent Management of Institutional Funds Act (“NYPMIFA”) as well as practical guidance on its application. Although the Guide… Continue Reading

CFA Institute Releases Investment Management Code of Conduct for Charities

Posted in Endowments

The CFA Institute has released guidance on the management of the financial resources of philanthropic organizations. Specifically, the CFA Institute developed the Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations to specifically address the management of what are typically longer-term or permanent financial assets of these organizations. Board members and officers should be aware of the principles articulated in the Code of Conduct to successfully manage the investment of these types of assets and to ultimately protect the organization’s investments.

New York Finally Passes Its Version of UPMIFA

Posted in Endowments

On September 17, 2010, New York State modified its laws governing the management and investment of charitable gifts by New York nonprofit institutions. Specifically, the NYS legislature adopted, subject to certain modifications, the Uniform Prudent Management of Institutional Funds Act. Importantly, officers should ensure that their Board is aware of all of the Act’s changes and that the relevant institutional policies, particularly investment policies, and practices are reviewed and revised accordingly.

Lessons Learned from Georgetown Law CLE

Posted in Endowments, Governance, Healthcare Organizations

After attending the Georgetown University Law Center “Representing & Managing Tax-Exempt Organizations” Conference in April, 2010, we wanted to discuss some of the lessons that exempt organizations should take away in the following areas: governance; transparency; compensation; joint ventures; and endowments and investments.

SEI Reports on Nonprofit Response to Investment Challenges

Posted in Endowments

SEI reports that a recent poll shows a continued commitment to alternative investments by nonprofit organizations, including educational institutions, hospitals, private foundations, and community foundations. Conducted in December, 2009, the poll looked into the current investment management practices of nonprofit organizations, the challenges these organizations are facing, and how these organizations are prioritizing and addressing these concerns for 2010.