Uniform 'Imprudent' Management Of Institutional Funds Act

, New York Law Journal

William Josephson, a retired partner of Fried Frank Harris Shriver & Jacobson who headed Attorney General Eliot Spitzer's Charities Bureau from 1999 to 2004, writes that Senator Liz Krueger and Assemblyman Jonathan L. Bing have introduced in the State Legislature S4778 and A7907, respectively, the so-called Uniform Prudent Management of Institutional Funds Act, as a new article of the Not-for-Profit Corporation Law. These bills, he cautions, continue an unfortunate trend that must be stopped if we are to avoid future Madoff scandals in the philanthropic world.

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