Hot Topic: UPMIFA in the Context of Financial System Instability
Welcome to EO Radio Show – Your Nonprofit Legal Resource. A really hot topic this week is the duty of care for directors and trustees of charities in a time of volatility in the investment markets in general, and turmoil, or even fear of turmoil, in their banking institutions. I’m not an investment advisor, and I can’t and don’t tell my clients where they should bank or what they should invest in. I can tell them the standard of care that they are held to in their roles as directors or trustees of a charity.
In this episode, I’ll talk about the standard of care for investment decisions and some practical things that charity fiduciaries can do to take good care of the charitable funds entrusted to them.
Uniform Prudent Management of Institutional Funds Act (UPMIFA)
“UPMIFA, Three Years Later: What’s a Prudent Director To Do?” ABA Business Law Today, Volume 18 No. 6 (July/August 2009), Cynthia R. Rowland
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