Businesses: charitable organizations; rebuttable presumption of imprudence for certain expenditures from an endowment fund; provide for. Amends sec. 4 of 2009 PA 87 (MCL 451.924).

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Plain-English Summary

This bill amends the Uniform Prudent Management of Institutional Funds Act to clarify how institutions can spend from endowment funds. It states that institutions can spend or save as much of an endowment fund as they deem prudent, unless the donor's gift specifies otherwise. The bill also creates a presumption that spending more than 8% of an endowment fund's value in a year is imprudent, based on a three-year average market value.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

Votes

Sponsorship · 4 Sponsors

Democrat0Republican4Independent0Other0

R · PrimeNancy Jenkins-Arno
R · CoTimothy Beson
R · CoSteve Frisbie
R · CoJerry Neyer

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