A bill to amend 2009 PA 87, entitled "Uniform prudent management of institutional funds act," by amending section 4 (MCL 451.924).
Amends Michigan's Uniform Prudent Management of Institutional Funds Act to establish a rebuttable presumption of imprudence for endowment fund expenditures exceeding 8% of the fund's average fair market value, thereby strengthening prudent management standards for institutional endowments.
Co-sponsored by Reps.
Referred to the Committee on Finance
