A Bodman Nonprofit Alert: Michigan State Legislature Passes New Uniform Prudent Management of Institutional Funds Act
9/18/2009
On August 26, 2009, the Michigan State Legislature passed its version of the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”), a uniform law promulgated by the National Conference of Commissioners on Uniform State Laws in 2006 and adopted by most states, to replace the Uniform Management of Institutional Funds Act, 1976 PA 157 (“UMIFA”). UPMIFA became effective, and UMIFA was repealed, when Governor Granholm signed the bill into law on September 10, 2009.
