Alert July 21, 2009

Goodwin Procter Issues Client Alert on Enactment of Uniform Prudent Management of Institutional Funds Act in Massachusetts

Goodwin Procter has issued a Client Alert that discusses the enactment in Massachusetts of the Uniform Prudent Management of Institutional Funds Act, which (a) modernizes the rules governing expenditures from endowment funds, (b) adopts more explicit standards for the prudent management and investment of charitable funds, (c) permits delegation of the management and investment of charitable funds to external agents and (d) makes it easier to obtain release or modification of restrictions on charitable gifts.