STATEHOUSE (Feb. 1, 2016) – The House of Representatives voted X-X in support of State Rep. Milo Smith’s (R-Columbus) HB 1331 creating greater structure for charitable donations.
“This bill offers more responsibility to both the donor and the charitable institutions that they present money to,” Smith said. “I believe that HB 1331 will facilitate a controlled donation system for both the contributor and organization, providing both parties with the ability to dictate how funds are allocated.”
The legislation adjusts the Uniform Prudent Management of Institutional Funds Act (UPMIFA) which was created to adapt the charitable donation process to a modern investment environment. The bill allows the donor to instruct the institution about the manner in which they want their gift to be utilized. It also permits the charitable organization to modify or remove restrictions in a fund created more than 20 years prior without court approval if the amount of the fund is less than $250,000.
HB 1331 will now be heard by the Senate. To read more about this legislation, https://iga.in.gov/.
Rep. Smith (R-Columbus) represents a large portion of Bartholomew County in central Indiana.