On Sept. 17, 2010, Governor David A. Paterson signed the D or fifth print of Assembly 7907, enacting New York’s version of the Uniform Prudent Management of Institutional Funds Act (UPMIFA).1 UPMIFA as originally proposed by the Uniform Laws Commissioners was a relatively simple statute, though favoring donees over donors. The statute as enacted is complicated. It contains many protections and new procedures for both donors and donees to which this article is designed as a guide.
There is also an initial question about UPMIFA’s applicability. Section 16 provides for its immediate effectiveness. But new Not-for-Profit Corporation Law (NPCL) section 557 provides that, while new NPCL Article 5-A shall apply to existing funds, it only governs decisions made or actions taken after that date. This raises issues with respect to the application to pre-effective date decisions or actions of provisions repealed or modified by Chapter 490 of the 2010 New York Laws.
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