MS SB2657

Enacts the Uniform Prudent Management of Institutional Funds Act, establishing standards for managing and investing institutional funds held by charitable organizations and government entities.

Requires institutions to manage funds in good faith with ordinary prudent care while considering donor intent, and permits pooling of multiple institutional funds for management purposes.

Allows institutions to delegate management and investment functions to external agents while maintaining oversight responsibility, with the delegating institution not liable for agent decisions absent gross negligence or misconduct.

Permits release or modification of donor restrictions on fund management or use with donor consent, or through court proceedings if restrictions become impracticable, wasteful, or unlawful.

Repeals the prior Uniform Management of Institutional Funds Act (sections 79-11-601 through 79-11-617) effective January 1, 2011.