November 12, 2009

State Law Rewards Profligate Charities

To the Editor:

In my opinion, Susan N. Gary's October 15 letter ("What It Means to Use Endowment Money Wisely"), designed to clarify the Uniform Institutional Management of Funds Act, known as UMIFA, and its successor, the Uniform Prudent Management of Institution Funds Act, or UPMIFA, needs much further clarification. It is true, as she says, that "in the 1960s, most people assumed that 'income' for an endowment meant trust

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