Uniform Prudent Management of Institutional Funds Act; created. (HB951)

Introduced By

Del. Sal Iaquinto (R-Virginia Beach) with support from co-patrons Del. Clay Athey (R-Front Royal), and Del. Beverly Sherwood (R-Winchester)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Uniform Prudent Management of Institutional Funds Act; creation. Replaces current provisions in the Virginia Code with this Uniform Act which was adopted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 2006. The original Uniform Management of Institutional Funds Act was adopted by NCCUSL in 1972 and enacted in Virginia in 1973. The Act expands the scope of the prior law, applying to all charitable institutions holding institutional funds, including trusts without noncharitable beneficiaries. The Act also clarifies and expands the duties and obligations concerning the conduct of investment and expenditures of institutional funds. The Act also imposes express standards on any delegation of the management or investment of institutional funds. The Act also updates the standards for when a court may order the release or modification of the purpose of or restrictions contained in a gift instrument through which a donor contributes to an institutional fund. Read the Bill »


Bill Has Passed


01/08/2008Prefiled and ordered printed; offered 01/09/08 087070440
01/08/2008Referred to Committee on General Laws
01/17/2008Assigned GL sub: FOIA
01/24/2008Impact statement from DPB (HB951)
01/29/2008Reported from General Laws with amendment (22-Y 0-N) (see vote tally)
01/30/2008Read first time
01/31/2008Read second time
01/31/2008Committee amendment agreed to
01/31/2008Engrossed by House as amended HB951E
01/31/2008Printed as engrossed 087070440-E
02/01/2008Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/01/2008VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/01/2008Communicated to Senate
02/04/2008Constitutional reading dispensed
02/04/2008Referred to Committee on General Laws and Technology
02/08/2008Impact statement from DPB (HB951E)
02/13/2008Reported from General Laws and Technology with amendment (15-Y 0-N) (see vote tally)
02/15/2008Constitutional reading dispensed (38-Y 1-N)
02/18/2008Read third time
02/18/2008Reading of amendment waived
02/18/2008Committee amendment agreed to
02/18/2008Engrossed by Senate as amended
02/18/2008Passed Senate with amendment (40-Y 0N)
02/19/2008Placed on Calendar
02/20/2008Senate amendment agreed to by House (97-Y 0-N)
02/20/2008VOTE: --- ADOPTION (97-Y 0-N)
02/21/2008Bill text as passed House and Senate (HB951ER)
02/21/2008Signed by Speaker
02/25/2008Signed by President
02/26/2008Impact statement from DPB (HB951ER)
03/03/2008G Approved by Governor-Chapter 183 (effective 7/1/08)
03/03/2008G Approved by Governor-Chapter 184 (effective 7/1/08)
03/05/2008G Acts of Assembly Chapter text (CHAP0184)