Role of the Board of Trustees

A Washington state law, known as the Uniform Prudent Management of Institutional Funds Act (UPMIFA), establishes and governs the legal fiduciary responsibility of the board of trustees for the Endowment. Under UPMIFA, the board of trustees is responsible for:

  • Prudent management of the Endowment and the proper utilization of Endowment assets, including maximizing investment returns
  • Complying with donors’ wishes while considering Puget Sound’s charitable purpose in making investment decisions
  • Acting “in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances”

In fulfillment of its responsibilities, the board of trustees has delegated oversight of the Endowment to its Finance and Facilities Committee, which developed Puget Sound’s endowment investment and spending policies consistent with the board’s fiduciary responsibilities.