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Living With the Uniform Prudent Management of Institutional Funds Act

Explore what is covered by UPMIFA and many common misunderstandings about its scope and limitations.

The Uniform Prudent Management of Institutional Funds Act (UPMIFA) was released for State enactment in 2006, following five years of study and drafting by the Uniform Law Commission. Within three years, it had been adopted by a majority of all states, and within five years, it had been adopted by 50 states, the District of Columbia, and the U.S. Virgin Islands leaving only two jurisdictions in the country where it is not the law governing the investment and expenditure. Almost 20% of the labor force in the United States is directly affected or employed by charitable organizations, and since the Act governs the use, management, and expenditure of trillions of dollars, its importance and impact on our daily life cannot be overstated. This UPMIFA Update Program will review the origin and rationale of UPMIFA and explain its continued importance and popularity as the primary source of law governing this vital portion of the United States Economy. This course will explore what is covered by UPMIFA and many common misunderstandings about its scope and limitations. We will also review some of the developments in the law since its 2006 creation, including variations in some state versions of the Act, several important appellate court interpretations of UPMIFA, and the ongoing legislative pressure to make further changes in this vital statute.

Learning Objectives

  • You will be able to recognize key characteristics of Section 4A of UPMIFA, as well as other specifications for receiving gifts.
  • You will be able to identify the legal obligations of the board of an NPO.
  • You will be able to recognize the requirements of law under UPMIFA.
  • You will be able to identify certain aspects of UPMIFA.

65 minutes
Course Exam
Certificate of Completion
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Agenda

Background of UPMIFA

Impact of UPMIFA

Types of Institutions

Types of Funds

Importance of Proper Classification of Gifts

Legal Obligations of the Board of an NPO

Examples of Endowment Restrictions

Requirements of Law Under UPMIFA

The Creation Process for UPMIFA

What Does UPMIFA Do?

The Elimination of HDV as a Bright Line Restriction

Limitation on Endowed Spending Authorization

Enactment of 7% Presumption of Imprudence Option

Release or Modification of Restrictions

UPMIFA Accounting Rules and FASB Rules

Examples of Drafting Around UPMIFA

Recent Cases Involving Interpretation of UPMIFA

The Prospects for the Future of UPMIFA

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on June 23, 2022.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.0
     
  • Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.1
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
     
  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • IL CLE 1.0
     
  • This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
     
  • IN CLE 1.1
     
  • This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.1 hours of Distance Education credit.
     
  • MO CLE 1.3
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • NC CLE 1.0
     
  • This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.0 CLE hours.
     
  • ND CLE 1.0
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
     
  • NH MCLE 1.1
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
     
  • NJ CLE 1.3
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
     
  • NM CLE 1.0
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
     
  • NV CLE 1.0
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • OH CLE 1.0
     
  • This course has been approved by the Ohio Supreme Court Commission on Continuing Legal Education for 1.0 CLE credit hours. Please note: No more than twelve (12) hours of self-study CLE credit for any biennial reporting period may be earned by an Attorney or Judge under Regulation 409.2. To fulfill CLE requirements for self-study, web-based programs, you must complete 100% of the polling questions during the program. Your hours will be filed electronically within thirty (30) business days by Lorman Education Services provided you fulfilled 100% attendance and polling questions answered.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • TN CLE 1.08
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.08 hours of credit.
     
  • VA CLE 1.0
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.0 CLE credit hours.
     
  • VT CLE 1.0
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WA CLE 1.0
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
     
  • WI CLE 1.0
     
  • This program qualifies for 1.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.3
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
     
  • CPE/NASBA - QAS Self Study 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

MP3 Download

  • AK CLE 1.0
     
  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • MO CLE 1.3
     
  • NJ CLE 1.3
     
  • NM CLE 1.0
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.3
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Barry C. Hawkins

Barry C. Hawkins

Shipman & Goodwin LLP

  • Of counsel with the office of Shipman & Goodwin LLP
  • Currently serves on the National Investment Committee of the Uniform Law Foundation and serves as the Connecticut Chair of Fellows of the American Bar Foundation; also serves presently as the co-chair of the Joint Editorial Board for Uniform Real Property acts and as the co-chair of the National Drafting Committee for the Elimination of Prohibited Restrictive covenants
  • In 2001, the National Conference of Commissioners of Uniform State Laws (now known as the Uniform Law Commission) appointed him, along with three law professors who were noted and widely published experts on the 1972 Uniform Management of Institution Funds Act (UMIFA), to a national study committee to examine the then more than thirty-year-old UMIFA act and determine whether it needed to be revised or replaced; the study committee unanimously recommended to the ULC that the 1972 Act was badly outdated and needed to be replaced with an entirely new act based on more modern principles of prudence in the investment of institutional funds
  • In 2002, was appointed to and eventually chaired the nine-member drafting committee of uniform law commissioners from around the U.S. to draft the new act; the drafting committee was joined by three advisors from the American Bar Association and many observers from the communities of users of endowed gifts and other institutional funds; over the next four years and following many drafting committee meetings and three full readings of the Act by the entire Uniform Law Commission, the Uniform Prudent Management Institutional Funds Act (UPMIFA) was approved for enactment by the various state and territorial legislatures in 2006
  • In 2006, he chaired the ULC National Enactment Committee to manage the process of having UPMIFA enacted throughout the country; he spoke around the country, both in person and by conference call with many other state legislatures and legislative committees; during this process, UPMIFA was enacted into law by a majority of the states within three years and in every jurisdiction (51 in all) except Pennsylvania (which is reportedly considering this year adopting UPMIFA to replace a reasonably similar statute which was enacted prior to 2006) and the Commonwealth of Puerto Rico which has a markedly different more religious-based charitable law tradition
  • Represented a number of national charitable organizations on UPMIFA issues as well as state and regional ones, regularly consulting for financial institutions and charities; served as the board chairman and prior to that as a six-year board member for a large community foundation; led the surviving foundation in a merger of near equals involving sizeable endowment funds for both of the merging entities; served on the boards of two college foundations, a community land trust, the Uniform Law Conference, the American College of Real Estate Lawyers, and on the governance committee of the American Bar Foundation; in 2012-2013 he served as President of the Connecticut Bar Association; from 2013-2015 he served on the Board of Governors of the National Conference of Bar Presidents; in 2015–2017 he served on the Board of Governors of the American Bar Association and thereafter served on the Advisory Board to its more than $100 million dollars in assets Pension Fund
  • Received the highest rating in the Martindale-Hubbell Law Directory; listed in Chambers, USA, American’s Leading Lawyers (2002-2022); listed in the Best Lawyers in America® Real Estate Law and Real Estate Litigation (1993-2022); listed as a Connecticut Super Lawyer® Real Estate (2006-2021); named Lawyer of the Year, Best Lawyers Hartford Region Litigation, Real Estate 2021; Who’s Who Legal®: Real Estate (2014 – 2022); Connecticut Secretary of State Public Service Award (2003); awarded the Bronze Star as a captain in the United States Army, Vietnam (1968 – 1970, Transportation Corps.)
  • As a Uniform Law Commissioner, he chaired the Committee that drafted the Uniform Prudent Management of Institutional Funds Act (UPMIFA) which is now the law in 51 jurisdictions of the U.S.
  • Lectures and writes nationally on UPMIFA matters, primarily representing nonprofits and financial institutions
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Product ID: 409770
Published 2022
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