NACUBO Moves Towards Standards
Located in Washington, D.C., NACUBO serves a membership of more than 2,500 colleges, universities, and higher education service providers across the country. NACUBO represents chief administrative and financial officers.
The NACUBO Board of Directors adopted a resolution calling for the prompt adoption of the Uniform Prudent Management of Institutional Funds Act (UPMIFA). The model legislation, approved by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in the summer of 2006, is now being circulated in the states. The model law updates and improves the Uniform Management of Institutional Funds Act of 1972 (UMIFA), which provided legal guidelines for the management, investment, and expenditures of endowment funds held by charitable institutions.
UPMIFA contains fiduciary guidelines that substantiate the practices for Investment Stewards promulgated by the Foundation for Fiduciary Studies. Such practices form the basis of the uniform practices endorsed by IFLC. While not openly pressing at this point for the conversion of UPMIFA based guidelines to an industry standard, NACUBO's move signals a clear shift towards the idea of uniformity in the way its members manage their investment decision making processes.
IFLC Contact:
Deanna Bond - Member Services
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