30-2-12-0.4. Short Title
Sec. 0.4. This chapter may be cited as the Uniform Prudent Management of Institutional Funds Act. As added by P.L.85-2016, SEC.1.
30-2-12-0.5. Application of Chapter
Sec. 0.5. This chapter applies to gift instruments, whenever executed or in effect. As added by P.L.220-2011, SEC.484.
30-2-12-1. Application of Chapter
Sec. 1. (a) This chapter applies to an institutional fund in existence after June 30, 2007. (b) For an institutional fund in existence before July 1, 2007, this chapter applies only to decisions made or actions taken after June 30, 2007. As added by P.L.268-1989, SEC.1. Amended by P.L.226-2007, SEC.7.
30-2-12-1.3. “Charitable Purpose” Defined
Sec. 1.3. As used in this chapter, “charitable purpose” means the following: (1) Relief of poverty. (2) Advancement of education. (3) Advancement of religion. (4) Promotion of health. (5) Promotion of a governmental purpose. (6) Any other purpose the achievement of which benefits the community. As added by P.L.226-2007, SEC.8.
30-2-12-1.5. Repealed
As added by P.L.266-1995, SEC.1. Repealed by P.L.226-2007, SEC.24.
30-2-12-10. Repealed
As added by P.L.268-1989, SEC.1. Amended by P.L.8-1993, SEC.467. Repealed by P.L.226-2007, SEC.24.
30-2-12-11. Repealed
As added by P.L.268-1989, SEC.1. Repealed by P.L.226-2007, SEC.24.
30-2-12-12. Repealed
As added by P.L.268-1989, SEC.1. Amended by P.L.199-1991, SEC.2. Repealed by P.L.226-2007, SEC.24.
30-2-12-13. Modification or Release of Restrictions in Gift Instrument; Modification of Charitable Purpose; Notice to Attorney General
Sec. 13. (a) With the consent of the donor in a record, an institution may modify or release, in whole or in part, a restriction in a gift instrument on the management, investment, and purpose of an institutional fund. A donor may give prior consent to an institution for release or modification of a restriction […]
30-2-12-14. Duties of Person or Institution Managing or Investing Institutional Fund
Sec. 14. (a) An institution that manages or invests an institutional fund shall consider the following: (1) The intent of a donor expressed in a gift instrument. (2) The charitable purposes of the institution. (3) The purposes of the institutional fund. (b) A person who is responsible for managing or investing an institutional fund shall: […]
30-2-12-15. Delegation of Management or Investment of Institutional Fund; Duties of Agent
Sec. 15. (a) Subject to the terms of a gift instrument and except as provided in any other law, an institution may delegate to an agent the management or investment of an institutional fund. The institution shall act in good faith and with the care a prudent person acting in a like position would use […]
30-2-12-16. Determination of Compliance
Sec. 16. Compliance with this chapter shall be determined in light of the facts and circumstances existing at the time a decision is made or action is taken and not by hindsight. As added by P.L.226-2007, SEC.19.
30-2-12-17. Effect on Existing Law
Sec. 17. (a) Except as provided in subsection (b), this chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq. (b) This chapter does not: (1) modify, limit, or supersede 15 U.S.C. 7001(a); or (2) authorize electronic delivery of a notice described in 15 U.S.C. 7003(b). […]
30-2-12-18. Consideration for Uniformity of Law
Sec. 18. In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. As added by P.L.226-2007, SEC.21.
30-2-12-2. “Endowment Fund” Defined
Sec. 2. As used in this chapter, “endowment fund” means an institutional fund, or any part of the fund, not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument. The term does not include assets that an institution designates as an endowment fund for the institution’s use. […]
30-2-12-3. “Gift Instrument” Defined
Sec. 3. As used in this chapter, “gift instrument” means a record, including any institutional solicitations, under which property is granted or transferred to or held by an institution as an institutional fund. As added by P.L.268-1989, SEC.1. Amended by P.L.226-2007, SEC.10.
30-2-12-4. Repealed
As added by P.L.268-1989, SEC.1. Repealed by P.L.226-2007, SEC.24.
30-2-12-5. “Institution” Defined
Sec. 5. As used in this chapter, “institution” means any of the following: (1) A person, other than an individual, that is organized and operated exclusively for charitable purposes. (2) The state, including any agency or instrumentality of the state, or a unit of local government to the extent that the state or unit holds […]
30-2-12-6. “Institutional Fund” Defined
Sec. 6. As used in this chapter, “institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include the following: (1) A fund held for an institution by a trustee that is not an institution. (2) A fund in which a beneficiary that is not an institution has […]
30-2-12-6.4. “Person” Defined
Sec. 6.4. As used in this chapter, “person” means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a public corporation, the state of Indiana, a state agency or instrumentality, a unit of local government, or any other legal or commercial entity. […]