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 requirements of the New York Prudent Management of Institutional Funds Act (NYPMIFA). The Guide summarizes key provisions of the Act, which was enacted last fall, and provides practical guidance in response to frequently asked questions.
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 advisers, along with new protections for donors.
From the New York State Office of the Attorney General: