MS SB2454

Enacts the Uniform Prudent Management of Institutional Funds Act establishing standards for how institutions manage and invest charitable funds, effective July 1, 2011.

Requires institutions to manage institutional funds in good faith with the care an ordinarily prudent person would exercise, considering factors such as economic conditions, inflation, investment returns, and the fund's charitable purposes.

Allows institutions to pool multiple institutional funds for management and investment purposes, delegate investment functions to external agents, and diversify holdings to manage concentrated asset risk, subject to donor restrictions.

Permits institutions to appropriate endowment funds for expenditure or accumulate them as prudent, and allows courts to modify gift restrictions if they become impracticable, wasteful, or impossible to achieve while preserving charitable intent.

Repeals sections 79-11-601 through 79-11-617 of the Mississippi Code of 1972 (the prior Uniform Management of Institutional Funds Act) and applies to all institutional funds existing or established on or after July 1, 2011.