Lessons for Nonprofits: New Rules for Endowment Funds

November 19, 20081:45pm
The Stamford Marriott
Sponsored by Wiggin and Dana LLP

12:00 - 12:30 p.m. Registration
12:30 - 1:45 p.m. Program

The Stamford Marriott
243 Tresser Boulevard
Stamford, Connecticut

An Overview of the New Legal and Accounting Environment for Endowment Funds

Connecticut has replaced the Uniform Management of Institutional Funds Act with a new Uniform Prudent Management of Institutional Funds Act (UPMIFA). The new law maeks several changes to the legal requirements governing endowment management and spending. In August 2008, the Financial Accounting Standards Board issued guidance on how nonprofits should account for endowments in their financial statements under UPMIFA. This program will provide an overview of these new rules and what board members, executives, financial officers and development staff should know to navigate the complexities of the changed environment.