UPMIFA—Internet Case. UPMIFA stands for the Uniform Prudent Management of Institutional Funds Act. This Act was approved in July 2006 and replaces the Uniform Management of Institutional Funds Act (UMIFA). Subsequent to approval of UPMIFA, the FASB issued Staff Position (FSP) FAS 117—1.
Required
a. What is the purpose of UPMIFA and how does it relate to UMIFA?
b. Why is UPMIFA important to colleges and universities?
c. To what organizations does FAS 117—1 apply?
d. What is the purpose of FAS 117—1?