Not that I wouldn’t love to be writing memos on NYPMIFA (New York’s peculiar version of UPMIFA), but some of the best in the (legal) business have already beat me to it. Here are links to two very good memos on this topic that your CFOs and lawyers will want to see. Simpson Thacher: http://www.simpsonthacher.com/content/publications/pub1062.pdf...
rom: Keith Powers <keith@jonathanbing.com>Date: Mon, Sep 20, 2010 at 3:05 PMSubject: Governor Signs Legislation to Assist Universities, Cultural Institutions, and Not-for-Profit OrganizationsTo: Keith User <keith@jonathanbing.com> For Immediate Release September 20, 2010 Contact: Keith Powers (212) 605-0937 Katie Kincaid (212) 490-9535 Governor Signs UPMIFA Legislation to Assist Universities, Cultural Institutions, and Not-for-Profit Organizations (New York, NY)...
I think I am the only person in the NY metro area to report on this. Interesting, because it will have a profound impact on endowment fund management. Is there anyone out there who is involved with the nonprofit community that is awake!Actually, it is just the news outlets that don’t know that there is...
The Governor has let UPMIFA come down to the wire – he has until midnight tomorrow (Saturday night) before UPMIFA in New York is defacto vetoed! I shouldn’t be surprised. Last year, New York charities were desperate for relief from underwater endowments. Over 40 states had already passed UPMIFA, which finally rids nonprofits of worrying...
The NY state legislature recently passed UPMIFA legislation (S.4778-C/A.7907-D) – and it is in the Governor‘s hands for signing! He got it on Sept. 7 and he had 10 days (excluding Sundays) to sign it or it is effectively vetoed! From my calculation, he has until this Saturday, September 18 (happens to be Yom Kippur...