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Lorman National Teleconference: Barry Hawkins Presents on the topic of Uniform Prudent Management of Institutional Funds Act (UPMIFA)

June 23, 2010

June 23, 2010

As of March 19, 2009, 29 states have adopted UPMIFA as law and the Uniform Act is presently pending in an additional 16 jurisdictions. By the end of 2009, in most of the United States, attorneys representing nonprofit institutions and those who donate to them and their endowment funds will be governed by new state law which replaces the Uniform Management of Institutional Funds, which had been the law in 47 states since 1972.

This teleconference helps you cope with a new set of legal requirements. In this currently challenging economy, the UPMIFA provides nonprofit institutions with the legal authority to make prudent expenditures despite having endowment funds which have asset value below their original or historical dollar value (so-called 'underwater funds'). Learn how new spending rules requiring application of the seven factors of prudence change the legal landscape for all nonprofit institutions. Learn how to draft around UPMIFA, conform to the new legal requirements and deal with the new and very different auditing requirements for financial statement preparation. Learn how to modify or eliminate outmoded and wasteful restrictions that hinder operations and effective spending policies for nonprofits.

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