Uniform Management of Institutional Funds Act is one of the uniform acts prepared and sponsored by the National Conference of Commissioners on Uniform State Laws in 1972. This Act provides statutory guidelines for management, investment, and expenditures of endowment funds of institutions, and enables them to maximize their resources consistent with the standard of prudence. At present this Act is replaced by the Uniform Prudent Management of Institutional Funds Act.
The Act provides:
(1) a standard of prudent use of appreciation in invested funds;
(2) specific investment authority;
(3) authority to delegate investment decisions;
(4) a standard of business care and prudence to guide governing boards in the exercise of their duties under the Act; and
(5) a method of releasing restrictions on use of funds or selection of investments by donor acquiescence or court action.