HB 1038 -- Uniform Prudent Management of Institutional Funds Act

Sponsor:  Skaggs

This bill establishes the Uniform Prudent Management of
Institutional Funds Act to provide guidelines for the management,
investment, and expenditures of endowment funds held by
charitable institutions.

Subject to the intent of the donor, the investment manager must
manage the fund in good faith with the care an ordinary, prudent
person in a like position would take.  The assets of the fund
should be diversified if reasonably possible and can be pooled
together with other institutional funds for the purpose of
management and investment.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:21 am