Management of Underwater Endowments under UPMIFA

In March and April of 2009, the Association of Governing Boards of Universities and Colleges (AGB), in partnership with the National Association of College and University Business Officers (NACUBO) and Commonfund Institute, conducted a survey of colleges, universities, and affiliated foundations in states in which UPMIFA had been enacted in order to learn how institutions are managing endowment spending under UPMIFA and to inform decision making by boards, finance officers, and endowment managers.

In recent years, the three organizations collaborated in the UPMIFA Educational Partnership to fund the preparation of educational materials to help inform the public about the new law and to provide educational outreach opportunities. The current survey demonstrates that the legislation has significantly enhanced the ability of colleges, universities, and other charities to provide sustained funding for endowed purposes during the current financial crisis and has encouraged boards to strengthen their processes for determining prudent endowment spending.

You can also read AGB's 2010 UPMIFA report, "Spending and Management of Endowments under UPMIFA."