Uniform Prudent Management of Institutional Funds Act (UPMIFA) After Nine Years: Lessons Learned and Emerging Problems
September 29, 2015
UPMIFA requires a legal determination of what amount should be spent from an endowment each year, based on a determination of what is prudent after consideration of factors listed in the Act. Has the absence of a fixed "floor" for spending led to overspending? The accounting rules require that some amount be listed as "permanently restricted assets," and some accountants have been helping organizations make this legal determination. What happens when the accounting decisions affect spending?
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