UPMIFA has finally come to New York. Governor Paterson signed New York's version of UPMIFA into law on September 17, 2010. Organizations are now subject to a new standard of prudence governing the investment of institutional funds, and they have gained new flexibility in making appropriations from endowment funds. Organizations lobbied hard for the new statute, in part because it will provide them the ability to spend from an endowment fund that is "underwater." However, New York's version of UPMIFA, or NYPMIFA, differs from the uniform act in noteworthy ways. The unique features of NYPMIFA present significant challenges and burdens for New York organizations.
For more about NYPMIFA, including six key action items all organizations should consider, please read the linked article for Patterson Belknap's analysis.