UPMIFA, An email from the University of Wyo.

[OliviaE]

This is an email we received from the University of Wyoming:

Good afternoon all,

First, my name is Don Richards, and I work in government relations for the University of Wyoming. In the past couple weeks, Rick Miller, V.P. for Government, Community and Legal Affairs, UW, or I have spoken with you directly or, at minimum, your staff, about upcoming legislation that could affect the investment and expenditure of funds managed by specific foundations.

First, please find attached a copy of the legislation that will be introduced in January by Representative-Elect Bryan Pedersen of Cheyenne. This legislation has not yet been numbered and, under normal practice is confidential. However, Rep.-Elect Pedersen authorized me to distribute it among this group of potential supporters and impacted entities. (Note that once the legislation is formally numbered the pagination may be somewhat different.)

Second, is a short summary of the legislation. In sum, it provides a comparison of the old model legislation (Uniform Management of Institutional Funds Act - UMIFA) and the new model legislation (Uniform Prudent Management of Institutional Funds Act - UPMIFA). You can see that in the proposed legislation (page 17, lines 11 and 12) Section 2 repeals W.S. 17-7-201 through 205. In fact, that Article is Wyoming’s version of UMIFA – Uniform Management of Institutional Funds Act, which would be repealed. The new model legislation modernizes the investment requirements and provides foundations enhanced flexibility to deal with financial environments in which the corpus of a gift drops below its historic value. To be clear, this explanatory material was prepared by the Uniform Law Commission, not the University of Wyoming.

Third, the purpose of this early distribution of upcoming legislation is twofold. One, the University of Wyoming (and specifically the University of Wyoming Foundation) is supportive of this legislation. We wanted affected parties to be aware of it earlier, rather than later, in the process. Two, to the extent your foundation or organization is supportive of the legislation, we would like to include you on a list of groups that has had an opportunity to review the legislation and (i) does not have any objections or better yet, (ii) would like to add the organization to the list of supporters. To the extent your organization does support the legislation, please e-mail me at drichar1@uwyo.edu and be certain to include your name and contact information (for my use only) and the name of your organization as you wish it to appear on any summary of supporters, e.g., “XXX County Library Foundation Board”.

Finally, though I made several attempts to contact all hospital foundations, library foundations, major community foundations, and community college foundations, I have not been able to connect with all county library and hospital foundations. As such, please feel free to forward this communication to your state association members or colleagues.

If you have any questions, do not hesitate to contact me at 766-5523 or by e-mail at the above address. Regards, Don

Don C. Richards
Deputy Director of Goverment Relations
1000 East University
Dept 3434
University of Wyoming
Laramie, WY 82071
(307) 766-5523
drichar1@uwyo.edu

Attached File ( Number of downloads: 46 )
 legislation.doc

[OliviaE]

This is the other attachment for the previous post

Attached File ( Number of downloads: 53 )
 UPMIFA_QuickCompare.pdf