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On September 17, 2010 New York State enacted the New York Prudent Management of Institutional Funds Act ("NYPMIFA"), joining about 47 other States that have adopted a form of UPMIFA. However, NYPMIFA varies in significant ways from the model act, and imposes unique burdens on directors of not-for-profit institutions and fund managers. This memorandum provides an overview of NYPMIFA, including the provisions of the statute that differ from the model act