HB0060 • 2010

UPMIFA-expenditure limitation.

AN ACT relating to Uniform Prudent Management of Institutional Funds Act; amending provisions related to amount of authorized expenditures as specified; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Representative Pedersen
Last action: 2010-03-08
Official status: enrolled
Effective date: 3/8/2010

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0060HS001

Standing Committee • H09

Adopted

Plain English: Adopted Standing Committee by H09

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2010-03-08 LSO
Assigned Chapter Number - 56
2010-03-08 Governor
Governor Signed HEA0027
2010-03-03 Senate
S President Signed HEA No. 0027
2010-03-02 House
H Speaker Signed HEA No. 0027
2010-03-02 LSO
Assigned Number HEA0027
2010-03-02 Senate
S Passed 3rd Reading
2010-03-01 Senate
S Passed 2nd Reading
2010-02-26 Senate
S Passed CoW
2010-02-24 Senate
S Placed on General File
2010-02-24 Senate
S09 Recommended Do Pass
2010-02-23 Senate
S Introduced and Referred to S09
2010-02-23 Senate
S Received for Introduction
2010-02-22 House
H Passed 3rd Reading
2010-02-22 House
H Advanced to 3rd Reading on Same Day
2010-02-22 House
H Passed 2nd Reading
2010-02-19 House
H Passed CoW
2010-02-19 House
H Amendments Adopted
2010-02-19 House
Amendment Adopted
2010-02-17 House
H Placed on General File
2010-02-17 House
H09 Recommended Amend and Do Pass
2010-02-09 House
H Introduced and Referred to H09
2010-02-08 House
H Received for Introduction
2010-02-04 LSO
Bill Number Assigned

Official Summary Text

Bill No.: <billno> Drafter: <drafterinit>

Bill No.:
HB0060
Drafter:

MQ

LSO No.:
10LSO-0251
Effective Date:

Enrolled Act No.:
HEA0027

Chapter No.:

Prime Sponsor:
Representative
Pedersen

Catch Title:
UPMIFA-expenditure
limitation.

Subject:
Increases the
amount of authorized expenditures from an institutional fund held for
charitable purposes under the Uniform Prudent Management of Institutional Funds
Act.

Summary/Major Elements:

Current law limits the amount
of an expenditure which may be made from an institutional fund held for charitable
purposes to not more than 5% of the fair market value of an endowment fund.

Such an expenditure creates a
presumption of prudence.

Institutional fund is defined
as a fund held by an institution exclusively for charitable purposes.

Bill increases the limit to
7% of the fair market value of the endowment fund.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL HOUSE

BILL

NO.
0060

ENROLLED ACT NO. 27, HOUSE OF REPRESENTATIVES

SIXTIETH LEGISLATURE OF THE STATE OF
WYOMING
2010 BUDGET SESSION

AN ACT relating to
Uniform Prudent Management of Institutional Funds Act; amending provisions related to amount of authorized expenditures as specified;
and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.
W.S. 17
‑
7
‑
304(d)(intro) and (ii) is amended to read:

17
‑
7
‑
304.

Appropriation for expenditure or accumulation of endowment fund; rules of construction.

(d)

The appropriation for expenditure in any year of an amount greater than
five percent (5%)

seven percent (7%)
of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less
that
than

three (3) years immediately preceding the year in which the appropriation for expenditure is made, creates a rebuttable presumption of imprudence. For an endowment fund in existence for fewer than three (3) years, the fair market value of the endowment fund shall be calculated for the period the endowment fund has been in existence. This subsection shall not:

(ii)

Create a presumption of prudence for an appropriation for expenditure of an amount less than or equal to
five percent (5%)

seven percent (7%)
of the fair market value of the endowment fund.

Section 2.
This act is effective immediately upon co
m
pletion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constit
u
tion.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk