(a) Unless the governing documents provide otherwise, a director has a duty to manage the foundation, its affairs, and its property as a prudent person would manage the foundation, its affairs, and its property.
(b) In satisfying the standard under subsection (a), a director shall:
(1) Exercise reasonable care and skill; and
(2) Consider the factors that are relevant under the circumstances, including:
(A) The foundation’s purposes;
(B) The beneficiaries’ interests; and
(C) The foundation’s distributional requirements.
(c) In managing the foundation, its affairs, and its property, a director may incur only costs that are reasonable in relation to the foundation’s property, the foundation’s purposes, and the director’s skills.
Source. 2017, 257:47, eff. Oct. 1, 2017.