FL S0952

Creates section 617.2104, F.S., establishing the "Uniform Prudent Management of Institutional Funds Act" to govern management of funds held by institutions exclusively for charitable purposes.

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

Permits institutions to pool multiple institutional funds for management and investment purposes, and allows delegation of management functions to external agents if the institution acts in good faith with proper oversight and periodic review.

Authorizes institutions to appropriate endowment funds for expenditure or accumulation based on prudent determinations, and allows release or modification of donor restrictions with donor consent or through court proceedings under specified circumstances.

Repeals section 1010.10, F.S. (the prior Florida Uniform Management of Institutional Funds Act) and takes effect July 1, 2012.