Written Remarks into the House Journal – Consent Calendar: Stand. Comm. Rep. No. 829, H.B. 618, Relating to the Uniform Prudent Management of Institutional Funds Act.

Representative Jon Riki Karamatsu

Written Remarks into the House Journal – Consent Calendar

March 10, 2009; 26^th Day

H.B. 618, Relating to the Uniform Prudent Management of Institutional Funds Act.

            I rise in support of House Bill 618, Relating to the Uniform Prudent Management of Institutional Funds Act.  This bill enacts the Uniform Prudent Management of Institutional Funds Act to replace and update the existing Uniform Management of Institutional Funds Act.  It provides guidance and authority to charitable organizations concerning the management and investment of funds held by those organizations.   In addition, the measure provides additional protections for charities and also protects the interests of donors.   It also modernizes rules governing expenditures from endowment funds.  Further, the bill gives institutions ability to cope more easily with fluctuations in the value of the endowment.   Finally, it updates provisions governing the release and modification of restrictions on charitable funds to permit more efficient management of these funds.  Thank you.