UPMIFA drives accounting and reporting changes for endowments
WHITE PAPER |
For almost 35 years the Uniform Management of Institutional Funds Act (UMIFA) was the law of the land in 47 states for organizations with institutional funds and permanent endowments. In 2006, the Uniform Prudent Management of Institutional Funds Act (UPMIFA) became the new sheriff in town. As of December 2015, all states, except Pennsylvania, and Puerto Rico have enacted UPMIFA legislation.
If your organization invests and manages institutional funds in an UPMIFA enacted state, you need to understand and play by these rules. Our white paper, Donor endowments: UPMIFA drives accounting and reporting changes for endowments, analyzes the following areas:
- Who is affected
- Key changes to institutional fund management and endowment accounting
- Accounting and disclosure requirements
- Underwater endowments