ATTORNEY GENERAL CERTIFIES DOLLAR LIMIT UNDER UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT

DENVER - The Attorney General certified today that the dollar limit established under the Uniform Prudent Management of Institutional Funds Act (UPMIFA), Colo. Rev. Stat. § 15-1-1106(d)(1) for January 2010-December 2011 was $106,200.  The Attorney General has certified the dollar limit as of January 2012 to be $108,400. UPMIFA is a uniform act that provides guidance on investment decisions and endowment expenditures for nonprofit and charitable organizations.

Under UPMIFA, if an institution wants to modify or release a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund covered by UPMIFA, the institution may modify or release the restriction sixty days after notice to the Attorney General if the value of the fund, subject to the restriction, has a total value of less than $100,000, adjusted for inflation. The Attorney General makes this adjustment every two years in accordance with the annual percentage change in the United States Department of Labor, Bureau of Labor Statistics, consumer price index for Denver-Boulder-Greeley, all items, all urban consumers.

 

 

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