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Recent Enactment of Prudent Management of Institutional Funds Act Will Affect New York State Independent School Endowments
February 23, 2011
On Sept. 17, 2010, New York state enacted the New York Prudent Management of Institutional Funds Act (the "Act"), modernizing the Uniform Management of Institutional Funds Act, which had been incorporated into New York law in 1978. Not-for-profit independent schools in New York state, and other entities incorporated under the New York Not-For-Profit Corporation Law, will now have greater flexibility in appropriating their endowment funds.
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The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]