HB 1055 -- Uniform Prudent Management of Institutional Funds Act

Sponsor:  Pratt

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

Subject to the intent and any specific limitation 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 must be diversified if reasonably
possible and can be pooled together with other institutional
funds for the purposes of management and investment.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am