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Fiscal Note & Local Impact Statement

127 th General Assembly of Ohio

Ohio Legislative Service Commission

77 South High Street, 9th Floor, Columbus, OH 43215-6136 ² Phone: (614) 466-3615

² Internet Web Site: http://www.lsc.state.oh.us/

BILL:

Am. H.B. 522

DATE:

November 17, 2008

STATUS:

As Passed by the House

SPONSOR:

Rep. Oelslager

LOCAL IMPACT STATEMENT REQUIRED:

No —

Minimal cost

 

CONTENTS:

To adopt the Uniform Prudent Management of Institutional Funds Act (UPMIFA)

 

State Fiscal Highlights

 

·         No direct fiscal effect on the state.

Local Fiscal Highlights

 

·         No direct fiscal effect on political subdivisions.

 

 

 

Detailed Fiscal Analysis

 

The bill modifies Ohio law governing the management and investment of endowment funds under the control of nonprofit, charitable institutions.  The bill is a version of the Uniform Prudent Management of Institutional Funds Act (UPMIFA), adopted by the National Conference of Commissioners on Uniform State Laws.  The bill appears to have no direct fiscal effect on state government or political subdivisions. 

 

The bill makes changes to several aspects of law concerning the standards of conduct in managing and investing institutional funds, spending rules that apply to institutional endowment funds, the delegation of authority to manage investment funds, and the release or modification of restrictions contained in charitable gifts made by donors.  As of November 17, 2008, 25 states had enacted versions of UPMIFA, and 7 states had introduced UPMIFA legislation.

 

 

 

LSC fiscal staff:  Terry Steele, Budget Analyst

 

HB0522HP.doc/rh