FL H0599

Creates the Florida Uniform Prudent Management of Institutional Funds Act (s. 617.2104), establishing standards for nonprofit organizations managing charitable funds, including investment practices, delegation of management functions, and restrictions on fund use.

Requires institutions managing institutional funds to exercise prudent care, diversify investments unless impracticable, and consider factors such as economic conditions, inflation, tax consequences, and the institution's other resources when making investment decisions.

Allows institutions to release or modify donor restrictions on institutional funds with donor consent, or without consent under specific circumstances (funds valued at $100,000 or less, or $100,000-$250,000 if 20+ years old and impracticable), with notice to the Attorney General.

Creates s. 617.2105 establishing that failure by a nonprofit corporation to use real property granted by the Board of Trustees of the Internal Improvement Trust Fund within 3 years (or stricter period specified in deed) constitutes prima facie evidence of violating deed restrictions, allowing property reversion.

Repeals s. 1010.10, F.S. (the previous Florida Uniform Management of Institutional Funds Act) effective July 1, 2012, with specified provisions taking effect immediately upon enactment.