Читать книгу Achieving Excellence in Fundraising - Группа авторов - Страница 67

All states except Pennsylvania have adopted a version of the Uniform Prudent Management of Institutional Funds Act (UPMIFA) as the law governing endowments and other types of funds. Pursuant to UPMIFA and FASB an endowment is a gift designated as restricted by a donor, either in formal communication from the donor or in response to the marketing materials of the charitable organization. A gift that is not restricted as endowment by the donor but is treated as endowment by action of the board is deemed to be quasi‐endowment pursuant to FASB. Quasi‐endowments may be spent at any time by action of the board of directors.

A board of directors must approve policies for the prudent investment, spending, and fees applicable to its endowments. While private foundations are legally required to spend at least five percent of their assets each year (with some exceptions), a public charity endowment does not have a required spending rate. Pursuant to UPMIFA, it is the duty of the board of directors to spend or accumulate assets as it deems prudent, balancing the short‐term support from the endowment with a goal of generational equity.