CA SB1094

Authorizes governmental entities, community foundations, and congressionally chartered foundations to hold mitigation property and endowments, in addition to nonprofit organizations and special districts.

Replaces the term "accompanying funds" with "endowment" and requires endowments be held as charitable trusts permanently restricted to long-term stewardship costs, governed by the Uniform Prudent Management of Institutional Funds Act.

Removes the requirement for state or local agencies to exercise due diligence in reviewing qualifications of endowment holders and instead allows one-time fees for state agencies (reviewing qualifications and approving holders) and local agencies (reviewing qualifications, approving parties, and regular oversight).

Allows state or local agencies developing their own projects to transfer restoration and enhancement obligations to qualified entities and hold endowments in accounts administered by elected officials.

Permits endowments to be temporarily held in escrow accounts until December 31, 2012, after which they must be transferred to permanent holders; sunsets the entire section on January 1, 2022 unless extended by later statute.