Gov. Patrick Signs UPMIFA into Law!

UPMIFA in Effect Immediately!
MAASH Advocates Send  1149 E-Mails in 8 Hours!


Dear Friends,

Today, Governor Patrick signed into law the Uniform Prudent Management of Institutional Funds Act (UPMIFA) Senate 2078.  Thanks to language accepted by both the House and Senate, UPMIFA takes effect immediately.

MAASH thanks Governor Patrick for his swift action on providing relief to non-profit cultural organizations.  MAASH advocates generated 1149 e-mails to the Governor and Lt. Governor urging swift action on UPMIFA to save jobs.

MAASH also thanks Senate President Therese Murray and House Speaker Robert DeLeo for their leadership in guiding UPMIFA through the Legislature.

MAASH also thanks Senator Robert O'Leary, Rep Eugene O'Flaherty and Rep. Steven Kulik for their critical support and their efforts to move the bill through the Legislature.

MAASH worked closely in a coalition of advocacy groups led by the MassAudubon Society.

UPMIFA will ensure that public charities use the best investment practices of endowments while giving the charities more flexibility in using resources to meet critical needs.  Public charities now have the right to spend funds from so called "underwater" endowment funds, where market losses have driven the fund value below its principal.

UPMIFA will free these funds to provide charities with desperately needed operating cash to maintain jobs and services.  

Massachusetts becomes the 35th state in the Union to adopt UPMIFA.  Drafted by the national Uniform Law Commission, UPMIFA is endorsed by the American Bar Association, The National Conference of Commissioners on Uniform State Laws, The National Association of College and University Business Officers, and many  Massachusetts organizations: including the Massachusetts Advocates for the Arts, Sciences and Humanities (MAASH).

For more details visit www.upmifa.org

Massachusetts Advocates for the Arts, Sciences & Humanities (MAASH)

MAASH is a statewide organization that serves as a unified voice for the cultural community in Massachusetts. We advocate on behalf of individual artists, concerned citizens and nonprofit cultural and scientific organizations throughout the Commonwealth.  Our members include the largest cultural institutions in the state to the smallest local cultural councils.  Join our mailing list today at www.maash.org.