UPMIFA RESOURCES

GG+A is pleased to provide information on the Uniform Prudent Management of Institutional Funds Act concerning endowments and spending policies. The materials below are intended to provide guidance, but should not be a substitute for the advice of legal counsel.

State laws and the specific character and governance structure of each individual institution may also have an impact on institutional implementation of UPMIFA.

Uniform Law Commission/Uniform Management of Institutional Funds Act
The official Web site of the Uniform Law Commission includes a summary of the act, an UPMIFA/UMIFA comparison chart, and an enactment map.
www.upmifa.org

Council for Advancement and Support of Education (CASE)
The CASE Web site provides an overview of UMIFA/UPMIFA spending policies and information on underwater endowments. There are articles/white papers, lists of which states have UPMIFA regulations, UMIFA regulations, or neither, plus spending policies from institutions in each of those three categories.
www.case.org

UPMIFA Resources - National Association of College and University Business Officers (NACUBO)
NACUBO's site lists the major provisions of UPMIFA and its status in each state, as well as links to the summary, text, and annotated text.
www.nacubo.org

Association of Governing Boards
This overview page links to a March/April 2009 survey report (Management of Underwater Endowments Under UPMIFA) of higher educational institutions and affiliated foundations, a couple Trusteeship articles ("What's a Prudent Payout" and "Freedom Isn't Free”), and a list of states that have enacted UPMIFA, UMIFA, or neither.
agb.org

National Association of Independent Schools (NAIS)
UPMIFA and UMIFA: Endowment Laws and Independent Schools
This NAIS page has a detailed article with practical examples, a list of differences between UPMIFA and UMIFA, and frequently asked questions. Available to members only.
www.nais.org