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Enacted in September 2010, the New York Prudent Management of Institutional Funds Act (NYPMIFA) makes important changes to the laws concerning the expenditure of charitable endowment funds. It also includes new provisions concerning the prudent management and investment of funds held by charities and the delegation of management and investment responsibilities to outside advisors, along with new protections for donors. This Guide summarizes key provisions of the Act and provides practical guidance in response to frequently asked questions.