Bill Title: Creates the Uniform Prudent Management of Institutional Funds Act, proposed by the National Conference of Commissioners on Uniform State Laws. Provides for: standards of conduct in managing and investing an institutional fund held by a charitable institution for charitable purposes; appropriations by an institution for expenditure or accumulation of endowment funds; the delegation of management and investment functions; the release or modification of restrictions on the management, investment, or purpose of an institutional fund; compliance; application; construction; and other matters. Repeals the Uniform Management of Institutional Funds Act. Amends the Religious Corporation Act by making conforming changes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2009-06-30 - Public Act . . . . . . . . . 96-0029 [HB0811 Detail]

Text: Latest bill text (Enrolled) [HTML]

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