Legal Issues Impacting Your Business
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This brief memo is for those who serve on Foundation Boards, or other nonprofit organizations that may receive and be responsible for investing and disbursing endowed funds. For purposes of this discussion, “endowed funds” means funds that are donated to a charitable institution that are not freely expendable by the institution. Two factors may make this a subject of renewed interest.
1. Market conditions have resulted in decreased value of many endowed funds.
2. In 2008 the Iowa legislature adopted the Uniform Prudent Management of Institutional Funds Act (the “New Act”), changing the standards that apply to the actions of such Boards.
Download the associated document to read more about this important issue.
For more information contact Beverly Evans at 515.288.2500; or e-mail BevEvans@davisbrownlaw.com
