Show navigation

Available in:

OnDemand Webinar

Living with The Uniform Prudent Management of Institutional Funds Act

In this current and still challenging economy, UPMIFA provides nonprofit institutions with the legal authority to make prudent expenditures despite having endowment funds which have asset value below their original or historical dollar value, sometimes called underwater funds. Learn how new spending rules requiring application of the seven factors of prudence and changes the legal landscape for all nonprofit institutions. Learn how to draft with and sometimes around UPMIFA, conform to the new legal requirements and deal with the new and very different auditing requirements for financial statement preparation and presentation. Learn how to modify or eliminate outmoded and wasteful restrictions that hinder operations and effective spending policies for nonprofits.

The on-demand webinar will start with a brief history and overview of the UPMIFA statute and some of the most significant variations which exist. Although the emphasis of the on-demand webinar will be on living with UPMIFA in actual practice, there will be a sufficient enough explanation of UPMIFA so that those who have not had a lot of experience with the new statute will still benefit from the on-demand webinar.

Learning Objectives:

  • You will be able to discuss how to work with the boards of nonprofit organizations in the treatment and presentation of gift restricted funds in financial statements.
  • You will be able to review coverage of UPMIFA.
  • You will be able to explain how to deal with the loss of federal tax exemption status.
  • You will be able to identify how much money can be spent from an endowment fund.

Runtime: 90 minutes
Purchase Options

More Program Information

Why Lorman?

Over 32 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.

Agenda

How to Work With the Accountants of Nonprofit Organizations in the Treatment and Presentation of Gift Restricted Funds in Financial Statements

Representation of or Working With Community Foundations and Integrating UPMIFA Concepts With the Variance Powers of Such Foundations

Coverage of UPMIFA

  • Treatment of Funds Held for an Institution by a Trustee and Why They Are Not Covered (or Why They Might Be Covered)

Limitations on What Institutions May Do With Gift Funds for Administration or Investment

  • Can the Donor in the Gift Instrument Provide Waivers From Otherwise Applicable Standards of State Law or Federal Law?

How to Deal With the Loss of Federal Tax Exemption Status - Are the Funds Given to Such a Previously Exempt Nonprofit Still Covered by UPMIFA?

  • Can One or Should One Draft Around This Possibility?

Reconciliation of Cy Pres Powers, Equitable Deviation and Variance Powers of Community Foundations

  • Can and Does UPMIFA Change the Legal Landscape of Dealing With Wastefulness or Impracticality?
  • Can a UPMIFA Donor Change the Results of That Analysis in the Gift Instrument?

How Much Money Can Be Spent From an Endowment Fund?

  • What Standards Apply Under UPMIFA?
  • Must a Nonprofit Not Only Preserve the Fund Under UPMIFA but Is It Also Required to Preserve the Purchasing Power of the Fund?
  • How Do You Deal With Accountants Who Insist a) UPMIFA Annulled UMIFA or b) Advise Nonprofits That They Should Pretend That UPMIFA Was Not Enacted and Still Continue to Follow the Guidance Previously Given Under UMIFA
Purchase Options

More Program Information

Why Lorman?

Over 32 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 Webinar

This course was last revised on April 23, 2014.

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

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

Purchase Options

More Program Information

Why Lorman?

Over 32 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

  • Partner in the office of Shipman & Goodwin LLP, Stamford, Connecticut
  • Uniform law commissioner and chairman of the drafting committee for Uniform Prudent Management of Institutional Funds Act
  • Chairman of UPMIFA Enactment Committee of Uniform Law Commission
  • Practice emphasizes all aspects of real estate, real estate litigation, land use and compliance with UPMIFA
  • Speaker on topics relating to the areas of real estate and Uniform Prudent Management of Institutional Funds Act
  • Writer of several publications related to real estate and UPMIFA
  • Achieved the highest rating in the Martindale-Hubbell Law Directory
  • Chambers USA, America’s Leading Lawyers in the area of real estate
  • Best Lawyers in America® in the area of real estate law
  • Connecticut Super Lawyer® in the area of real estate
  • President of the Connecticut Bar Association, July 1, 2012 to June 30, 2013
  • J.D. degree, University of Virginia School of Law; B.A. degree in history, with honors, Bowdoin College
  • Can be contacted at 203-824-8104 or [email protected]
Purchase Options

More Program Information

Why Lorman?

Over 32 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 393318
Published 2014
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!