Check out this 50 minute webinar presentation that is a follow-up to my previous blog post.
Check out this 50 minute webinar presentation that is a follow-up to my previous blog post.
For those New York nonprofits who were interested but missed our webinar last week, the following link to my firm’s website will let you watch the entire presentation:
NYPMIFA: What You Need To Know To Avoid An Unfriendly Attorney General Audit
All I ask in return is to add some comments on the blog! And forward to colleagues!
Even better, please be in contact about our services if you need guidance on the NYPMIFA front or any other planned giving issue.
info@plannedgivingadvisors.com
For those who were able to join our webinar today on NYPMIFA, the following links are to the sources for the information presented:
New York Attorney General Memo – March 2011
http://www.charitiesnys.com/pdfs/NYPMIFA-Guidance-March-2011.pdf
Various law firm memos
http://www.simpsonthacher.com/content/publications/pub1062.pdf
http://nonprofitlaw.proskauer.com/tags/nypmifa/
http://www.nixonpeabody.com/linked_media/publications/NYPMIFA_Guide_Nixon_Peabody.pdf
Just a short point raised today over negotiations on the establishment of a new endowment being given by a private foundation to a NY charity.
The foundation was proposing to override NYPMIFA’s invasion of principal feature and require maintaining the historic gift amount (NY fundraisers thought they were done with that!).
The email I received basically said: “I thought that the opt out only applied to existing endowments.”
My response: Two separate issues.
Yes, there is an opt-out/notice provision for pre-existing endowments. That’s not what we were discussing.
But, totally separate from that rule is a rule that always exists that allows drafters of endowment agreements to override some aspects of a state’s endowment management law. UMIFA, UPMIFA and NYPMIFA all contain language stating that if you clearly state in an endowment contract that the invasion of principal and other features (of all of these laws) doesn’t apply to this fund, then it doesn’t apply.
In other words, a donor agreement can supersede state law – and the state law itself tells you how to do it!