MS HB75

Enacts the Uniform Prudent Management of Institutional Funds Act, establishing standards for managing and investing funds held by institutions exclusively for charitable purposes.

Allows institutions to appropriate endowment funds for expenditure or accumulation as determined prudent, with appropriations exceeding 7% of fair market value (calculated quarterly over 3+ years) creating a rebuttable presumption of imprudence.

Permits institutions to delegate management and investment functions to external agents if done in good faith with ordinary prudence, with the institution remaining liable for agent selection, scope of delegation, and performance monitoring.

Authorizes courts to modify or release restrictions on institutional funds if they become impracticable, wasteful, unlawful, or impossible to achieve, with institutions able to unilaterally modify restrictions on funds valued under $25,000 established over 20 years ago after notifying the Attorney General.

Repeals prior Mississippi Code sections 79-11-601 through 79-11-617 governing institutional fund management and takes effect July 1, 2010.