AK SB134

Adopts the Uniform Prudent Management of Institutional Funds Act as AS 13.70, establishing standards for managing and investing charitable institutional funds by nonprofit and governmental institutions.

Requires institutions managing institutional funds to exercise ordinary prudent person care, consider donor intent, diversify investments unless special circumstances warrant otherwise, and verify facts relevant to fund management.

Allows institutions to appropriate endowment funds for expenditure or accumulation based on prudent determination considering fund duration, purposes, economic conditions, inflation, investment returns, and institutional resources.

Permits institutions to delegate management and investment functions to external agents or internal committees/officers, with the institution remaining liable for agent selection and oversight while the agent must exercise reasonable care.

Applies new standards to University of Alaska gifts and endowments managed by the Board of Regents, with AS 37.10.071 taking precedence if it conflicts with the new Act.