Uniform Prudent Management of Institutionl Funds Act 机构资金统一谨慎管理法.pptVIP

Topics Background UMIFA vs. UPMIFA FAS 117-1 Endowment of Not-for-Profit Organizations Net Asset Classification for Funds Subject to UPMIFA Enhanced Disclosures for All Endowment Funds Impact of Adoption Effective Date and Transition Senate Bill No. 1329 Enactment of UPMIFA in California Background In July 2006, the National Conference of Commissioners on Uniform State Laws approved the Uniform Prudent Management of Institutional Funds Act (UPMIFA). UPMIFA is designed to replace the existing Uniform Management of Institutional Funds Act (UMIFA). UMIFA vs. UPMIFA UMIFA vs. UPMIFA (con’t) UMIFA vs. UPMIFA (con’t) FAS 117-1 On August 6, 2008, FASB issued FASB Staff Position (FSP) FAS 117-1, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds Guidance on net asset classification of donor-restricted endowment funds for not-for profit organization that is subject to UPMIFA. Improves disclosures about an organization’s endowment funds (both donor-restricted endowment funds and board-designated endowment funds), whether or not the organization is subject to UPMIFA. Net Asset Classification for Funds Subject to UPMIFA Classify a portion of a donor-restricted endowment fund of perpetual duration as permanently restricted net assets. The portion of a donor-restricted endowment fund that is classified as permanently restricted net assets is not reduced by losses on the investments of the fund, except to the extent required by the donor. Likewise, the amount of permanently restricted net assets is not reduced by an organization’s appropriations from the fund. Classify the portion of the fund that is not classified as permanently restricted net assets as temporarily restricted net assets (time restrict