Uniform Management of Institutional Funds Act (UMIFA)

Law governing the investment of endowment funds adopted by most U.S. states in one form or another.  Provides a standard of prudent use of appreciation in invested funds, specific investment authority, authority to delegate investment decisions, a standard of business care and prudence to guide governing boards in the exercise of their duties under the Act, and a method of releasing restrictions on use of funds or selection of investments by donor acquiescence or court action.

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