{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-300.13","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-300.13","heading":"Standard of conduct in managing and investing","body":"institutional fund.\n\nSTANDARD OF CONDUCT IN MANAGING AND INVESTING INSTITUTIONAL\n\nFUND.\n\n(a) Subject to the intent of a donor expressed in a gift\n\ninstrument, an institution, in managing and investing an\n\ninstitutional fund, shall consider the charitable purposes of the\n\ninstitution and the purposes of the institutional fund.\n\n(b) In addition to complying with the duty of loyalty imposed\n\nby law other than the Uniform Prudent Management of Institutional\n\nFunds Act, each person responsible for managing and investing an\n\ninstitutional fund shall manage and invest the fund in good faith\n\nand with the care an ordinarily prudent person in a like position\n\nwould exercise under similar circumstances.\n\n(c) In managing and investing an institutional fund, an\n\ninstitution:\n\n(1) may incur only costs that are appropriate and reasonable in\n\nrelation to the assets, the purposes of the institution, and the\n\nskills available to the institution; and\n\n(2) shall make a reasonable effort to verify facts relevant to\n\nthe management and investment of the fund.\n\n(d) An institution may pool two or more institutional funds for\n\npurposes of management and investment.\n\n(e) Except as otherwise provided by a gift instrument, the\n\nfollowing rules apply:\n\n(1) In managing and investing an institutional fund, the\n\nfollowing factors, if relevant, must be considered:\n\n(A) general economic conditions;\n\n(B) the possible effect of inflation or deflation;\n\n(C) the expected tax consequences, if any, of investment\n\ndecisions or strategies;\n\n(D) the role that each investment or course of action\n\nplays within the overall investment portfolio of the\n\nfund;\n\n(E) the expected total return from income and the\n\nappreciation of investments;\n\n(F) other resources of the institution;\n\n(G) the needs of the institution and the fund to make\n\ndistributions and to preserve capital; and\n\n(H) an asset’s special relationship or special value, if\n\nany, to the charitable purposes of the institution.\n\n(2) Management and investment decisions about an individual\n\nasset must be made not in isolation but rather in the context of the\n\ninstitutional fund’s portfolio of investments as a whole and as a\n\npart of an overall investment strategy having risk and return\n\nobjectives reasonably suited to the fund and to the institution.\n\n(3) Except as otherwise provided by law other than the Uniform\n\nPrudent Management of Institutional Funds Act, an institution may\n\ninvest in any kind of property or type of investment consistent with\n\nthis section.\n\n(4) An institution shall diversify the investments of an\n\ninstitutional fund unless the institution reasonably determines\n\nthat, because of special circumstances, the purposes of the fund are\n\nbetter served without diversification.\n\n(5) Within a reasonable time after receiving property, an\n\ninstitution shall make and carry out decisions concerning the\n\nretention or disposition of the property or to rebalance a\n\nportfolio, in order to bring the institutional fund into compliance\n\nwith the purposes, terms, and distribution requirements of the\n\ninstitution as necessary to meet other circumstances of the\n\ninstitution and the requirements of the Uniform Prudent Management\n\nof Institutional Funds Act.\n\n(6) A person that has special skills or expertise, or is\n\nselected in reliance upon the person’s representation that the\n\nperson has special skills or expertise, has a duty to use those\n\nskills or that expertise in managing and investing institutional\n\nfunds.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"62749c601d4f35fddf4b2a6102e1c00cdf522c010d729c7aab2eb4ee653ffe1c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-300.12","next":"us-ok/okla.-stat.-tit.-60-60-300.14"},"notice":"GroundRules: Original legal text. Not legal advice."}