New York Prudent Management of Institutional Funds Act
Enacted in September 2010, the New York Prudent Management of Institutional Funds Act (NYPMIFA) makes important changes to the laws concerning the expenditure of charitable endowment funds. It also includes new provisions concerning the prudent management and investment of funds held by charities and the delegation of management and investment responsibilities to outside advisors, along with new protections for donors.
The Attorney General's Charities Bureau has prepared "A Practical Guide to New York's Prudent Management of Institutional Funds Act" to assist charities in complying with the Act’s new requirements. The Guide summarizes key provisions of the Act and provides practical guidance in response to frequently asked questions.
Click the links below to read the Guide and the text of NYPMIFA or to access the full text of the Not-for-Profit Corporation Law.