The Florida Uniform Prudent Management of Investment Funds Act (“Florida UPMIFA”) will go into effect on July 1, 2012. Florida UPMIFA applies to most charitable organizations and funds held for charitable purposes. The new law has requirements for managing and investing charitable use funds other than program-related assets. Florida UPMIFA also provides methods for charities to use their endowment funds, including rules for spending from endowment funds and modifying restrictions on such funds. Donors will need to specify if they do not want the new rules to apply to their endowments. Please see the attached outline for details.
Florida Uniform Prudent Management of Institutional Funds Act