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The Uniform Management of Institutional Funds Act (UMIFA)
Session Level: Intermediate Speaker:Paul Silver
Session Description: The recent declines and volatility in the investment markets and greater scrutiny by auditors have led to increased focus on the application of the Uniform Management of Institutional Funds Act (UMIFA). Controversy continues over the possible rewriting of UMIFA. Revised UMIFA was expected to be adopted by the Uniform Law Commissioners in 2004 but has been deferred twice and is now scheduled to be presented to the commissioners this year. This presentation will examine:
The application of UMIFA to endowment funds
How the historic dollar value rule applies to allow or bar payments of principal
How perspective changes to UMIFA may impact its application.
In addition, the presentation will explore how the language of the gift instrument or the subsequent release of restrictions by the donor or others can change the results.
__________________ Peter Gulka
Chief Bus Driver
Blackbaud User Society www.blackbus.org
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