Honolulu. A bill replacing and updating the existing uniform management of institutional funds act was signed into law by the governor as Act 135 on June 19, 2009. Representative Jon Riki Karamatsu (District 41-Waipahu, Village Park, Waikele), House Judiciary chairman, introduced the legislation.
The law provides guidance and authority to charitable organizations concerning management and investment of funds held by those organizations, while also providing additional protections for charities and interests of donors.
“Among other things, this law affords charitable institutions the ability to cope with fluctuations in the value of the endowment, which is an important tool for these organizations to have at their disposal in these uncertain economic times,” explains Karamatsu.
The law takes effect on July 1, 2009.
####
JON RIKI KARAMATSU 