HB 515 (BR 1394) - S. Brinkman
AN ACT relating to institutional funds.
Create new sections of KRS Chapter 273 to provide for the adoption of the Uniform Prudent Management of Institutional Funds Act, which establishes guidelines for management, investment, and expenditures of funds held by charitable institutions for charitable purposes; define terms for the Act, establish a standard of conduct in managing and investing institutional funds; establish guidelines for appropriation for expenditure or accumulation of an endowment fund; provides for the delegation of management and investment functions; provide for release or modification of restrictions on management, investment or purpose of a fund; establish a standard for reviewing compliance with the Act; provide for the application of the Act to existing institutional funds; describe how the Act relates to specified federal acts; provide for the uniform application and construction of the Act among states; repeal KRS 273.510, KRS 273.520, KRS 273.530, KRS 273.540, KRS 273.550, KRS 273.560, KRS 273.570, KRS 273.580, and KRS 273.590.
Feb 15-introduced in House
Feb 21-to Judiciary (H)