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.
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With the plethora of news articles about charitable endowment losses as a result of investments with Bernie Madoff, it is incumbent on fiduciaries to review some fundamental laws on endowment. These laws differ in each state. This article will briefly review the rules applicable to endowments in New York. An endowment fund is created when … Continue Reading