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Attorney General Issues Guidance on New York Prudent Management of Institutional Funds Act (NYPMIFA)
4 April 2011
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The New York State Attorney General’s Charities Bureau issued guidance on the New York Prudent Management of Institutional Funds Act (“NYPMIFA”) on March 17, 2011.
NYPMIFA, which took effect in September 2010, made significant changes to the rules governing the management, investment and expenditure of endowment funds and other institutional funds held by New York not-for-profit organizations. The new guidance from the Charities Bureau answers some but not all of the open questions about the legislation.
Topics addressed in the guidance include: the content of written investment policies; criteria for the selection of outside investment managers; whether institutions may make single expenditure decisions for multiple endowment funds; and circumstances under which notice of the NYPMIFA spending rules must be sent to donors who contributed to endowment funds before the new rules went into effect.
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