Charitable nonprofits organizations must comply with state prudent investment laws that apply to their investment assets. In California, as is the case in 49 of the 50 states, the Uniform Prudent Management of Institutional Funds Act (UPMIFA) sets the rules. Note that there may be some (mostly minor) variation among state laws, but we’ll specifically review UPMIFA as it applies to California nonprofit organizations.

Some refer to UPMIFA as the law governing endowments, but, while that’s true, UPMIFA also governs other机构资金。Generally, an institutional fund includes any fund held by a charitable nonprofit corporation or unincorporated association (“Charity”) exclusively for charitable purposes except for program-related assets. Accordingly, a Charity’s investment funds and assets (regardless of whether part of an endowment) are generally encompassed by the definition.

8 Factors

Except as otherwise provided by a礼品仪器(e.g., the donor’s written instructions at the time of making the gift), in managing and investing an institutional fund, all of the following factors, if relevant, must be considered:

1. General economic conditions.
2. 通胀或放气的可能效果。
3. The expected tax consequences, if any, of investment decisions or strategies.
4. 每个投资或行动方案在基金的整体投资组合中发挥作用。
5. 预期的收入与投资的升值总回报。
6. Other resources of the institution.
7. 机构的需求和基金制作分配和保护资本。
8. An asset’s special relationship or special value, if any, to the charitable purposes of the institution.

商业判决规则应申请，对某些因素是否比其他因素更重要，而是关于某些因素是否比其他因素更重要，而是关于违反信托职责的责任。因此，如果董事以诚信为本，他们认为在公司的最佳利益中的决定，在行使合理的照顾和/或监督后，他们应该受到保护。

投资组合理论 - 多样化

“现代投资组合理论（MPT）是风险厌恶投资者如何构建投资组合，以基于特定的市场风险最大化预期返回的理论。......现代投资组合理论认为，不应单独观察投资的风险和回报特征，但应通过投资如何影响整体投资组合的风险和回报来评估。MPT表明，投资者可以构建多种资产的投资组合，以最大化给定风险程度的回报。“

Investopedia

根据礼品仪器中的任何相互矛盾的指示，在制定管理和投资决策时，慈善机构必须在其整体投资组合的背景下考虑每个投资决定。Upmifa详细说明：

Management and investment decisions about an individual asset must be made not in isolation but rather in the context of the institutional fund’s portfolio of investments as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the fund and to the institution.

dependin风险承受能力的水平可能会有所不同g on the purposes and goals of the fund and of the Charity. A capital campaign fund of a typical public charity will likely have a lower risk tolerance (and shorter investment horizon) than a board-created quasi-endowment fund of a typical private foundation.

Notwithstanding the need to consider the Charity’s investment portfolio in the context of a particular investment decision, UPMIFA provides a vague carveout for special circumstances:

一项机构应多样化机构基金的投资，除非该机构合理决定，由于特殊情况，基金的目的更好地无多样化。

This provision, together with the 8th investment factor described above regarding an investment’s special relationship or value to a Charity’s mission, would seem to support a portfolio of investments that are entirely mission-related even if such portfolio might not be considered prudent if viewed solely from a financial perspective.

有一些关于富裕的私人基金会和公共慈善机构是否应在这方面移动投资资产的有力讨论，以便大大投资主要是为了促进他们的使命。电竞比分虽然目前不需要这一目标，但这种策略将与501（c）（3）次运营试验相匹配，该试验要求501（c）（3）组织主要经营一种或多种豁免目的，并且只不过促进其他目的。

额外的upmifa条款

• 受捐助者的意图，在礼品仪表中表达，慈善机构，在管理和投资机构基金中，应考虑慈善机构的慈善目的和基金的目的。
• Each person responsible for managing and investing an institutional fund (not just the directors) shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. Further, a person that has special skills or expertise, or is selected in reliance upon the person’s representation that the person has special skills or expertise, has a duty to use those skills or that expertise in managing and investing institutional funds. This represents a heightened standard of care over the ordinarily prudent person standard applicable to directors.
• Within a reasonable time after receiving money or property that would be included as an institutional fund, a Charity must make and implement decisions concerning the retention or disposition of the money/property or to rebalance a portfolio, in order to bring the institutional fund and Charity into compliance with its policies and applicable law (including UPMIFA).
• UPMIFA does not restrict the types of individual investments that can be made.
• 礼品仪器可以包括慈善自身的招揽材料，从而在重要的部分导致捐赠者由捐赠者制造。在某些情况下，这种材料可以对诸如捐助者的具体指导造成关于这种限制的具体指示来创造对慈善贡献的限制。

额外的投资法

Other state nonprofit corporate laws may apply, including those regardingself-dealing transactions（例如，由慈善董事之一拥有的公司的投资）和投资（例如，CA Corporations Code Sections 5240-5241）。

Private foundations are also subject to additional laws regarding危害投资and超额企业持有。