Hawaii Adopts Uniform Prudent Management of Institutional Funds Act

Hawaii has adopted the Uniform Prudent Management of Institutional Funds Act.  2009 Hawaii Laws Act 135.  According to the state legislature’s website reporting on the house and senate bills, the Act does the following:

Enacts uniform prudent management of institutional funds act to replace and update existing uniform management of institutional funds act. Provides guidance and authority to charitable organizations concerning the management and investment of funds held by those organizations. Provides additional protections for charities and also protects the interests of donors. Modernizes rules governing expenditures from endowment funds. Gives institutions ability to cope more easily with fluctuations in the value of the endowment. Updates provisions governing the release and modification of restrictions on charitable funds to permit more efficient management of these funds.