Bill Text: HI SB121 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Uniform Prudent Management of Institutional Funds Act

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [SB121 Detail]

Download: Hawaii-2010-SB121-Amended.html

---

 

 

STAND. COM. REP. NO. 241

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 121

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Madam:

 

     Your Committee on Commerce and Consumer Protection, to which was referred S.B. No. 121 entitled:

 

"A BILL FOR AN ACT RELATING TO THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT,"

 

begs leave to report as follows:

 

     The purpose of this measure is to enact the Uniform Prudential Management of Institutional Funds Act which updates existing law relating to the financial management of charitable organizations and allows grant-making organizations greater flexibility in responding to market fluctuations.

 

     Your Committee received testimony in support of this measure from the Commission to Promote Uniform Legislation and Hawaii Community Foundation.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that this measure will assist charitable institutions respond effectively to market conditions which depress the value of endowment funds.  In the current economic recession, it is especially important that grant-making organizations be able to continue funding nonprofit charities that provide a much-needed social safety net to Hawaii residents.  Your Committee notes that this measure is a result of collaboration among local charitable organizations and the Department of the Attorney General.

 

     Your Committee has amended this measure by making technical, nonsubstantive changes to conform the language of this measure to existing statutory conventions.

 

     As affirmed by the record of votes of the members of your Committee on Commerce and Consumer Protection that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 121, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 121, S.D. 1, and be referred to the Committee on Judiciary and Government Operations.

 

Respectfully submitted on behalf of the members of the Committee on Commerce and Consumer Protection,

 

		____________________________ ROSALYN H. BAKER, Chair