Publications
UPMIFA: Proposed legislation that may affect
In 2006 the National Conference of Commissioners on Uniform State Laws approved the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) and recommended that it be adopted in all states. UPMIFA has now been proposed for consideration in the current session of the Connecticut General Assembly. If enacted into law, UPMIFA will replace the Connecticut Uniform Management of Institutional Funds Act (“CUMIFA”),
which was enacted in its original form in 1973. Both CUMIFA and UPMIFA apply to funds, including endowment funds, held by a charitable organization for its own use and purposes. If enacted as proposed, UPMIFA will apply to all such funds held by a charity, whether the fund was created before or after the passage of the new law.
which was enacted in its original form in 1973. Both CUMIFA and UPMIFA apply to funds, including endowment funds, held by a charitable organization for its own use and purposes. If enacted as proposed, UPMIFA will apply to all such funds held by a charity, whether the fund was created before or after the passage of the new law.