Family Office Definition: Uniform Prudent Management of Institutional Funds Act
Uniform Prudent Management of Institutional Funds Act definition: (UPMIFA) serves as the default guide in absence of a written charitable gift agreement. The legislative act has been adopted by most US states (with the exception of Pennsylvania, Mississippi, and Puerto Rico). UPMIFA requires funds to be managed prudently and encourages charitable spending based on an endowment funds total return, instead of focusing solely on income.
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