Iowa Code § 540A.101
Short title
This chapter may be cited as the “Uniform Prudent Management of Institutional Funds Act”.
Iowa Code Chapter 540A — Institutional Funds Management
Iowa · statute · Iowa Code ch. 540A · 9 active provisions
Iowa Code § 540A.102
Definitions
For purposes of this chapter, unless the context otherwise requires: 1. “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community. 2. “Endowmen…
Iowa Code § 540A.103
Standard of conduct — managing and investing institutional fund
1. Subject to the intent of a donor expressed in a gift instrument, an institution shall consider the charitable purposes of the institution and the purposes of the institutional fund in managing and investing an institutional fund. 2. In addition to complying with the duty of loyalty imposed by law other than this cha…
Iowa Code § 540A.104
Appropriation for expenditure or accumulation of endowment fund — rules of construction
1. Subject to the intent of a donor expressed in the gift instrument and to subsection 4, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless…
Iowa Code § 540A.105
Delegation of management and investment functions
1. Subject to any specific limitation set forth in a gift instrument or in law, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the car…
Iowa Code § 540A.106
Release or modification of restrictions on management, investment, or purpose
1. If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification shall not allow a fund to be used for a purpose other than a charitable purpose of t…
Iowa Code § 540A.107
Reviewing compliance
Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken and not by hindsight.
Iowa Code § 540A.108
Electronic signatures
This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §7001 et seq., but does not modify, limit, or supersede section 101 of that Act, 15 U.S.C. §7001(a), or authorize electronic delivery of any of the notices described in section 103 of that Act,…
Iowa Code § 540A.109
Uniformity of application and construction
This chapter shall be applied and construed with consideration given to the need to promote uniformity of the law with respect to the uniform prudent management of institutional funds Act among states which enact this law.