Hedgeman Law Offices announces its Fall 2021 Nonprofit Law Academy to service its clients and the community in its New York State markets. The firm is offering Zoom Webinars
UPMIFA/NYPMIFA: Fiduciary Management of Institutional Funds At its annual meeting in July 2006, the National Conference of Commissioners on Uniform State Laws (NCCUSL) approved the Uniform Prudent Management of Institutional Funds Act (UPMIFA) and recommended it for enactment by the legislatures of the various states. UPMIFA is designed to replace the existing Uniform Management of Institutional Funds Act (UMIFA), which was approved by NCCUSL in 1972 and has since been enacted in 47 states and the District of Columbia.
NYPMIFA – New York’s version of the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) – governs the management and investment of funds held by not-for-profit corporations and other institutions.
This webinar is for nonprofit boards and staff who invest and manage institutional funds. It will discuss the heightened fiduciary responsibilities for boards who invest and manage funds especially where the organization would like to access working capital by withdrawing from the endowment.