A Washington state law, known as the Uniform Prudent Management of Institutional Funds Act (UPMIFA), establishes and governs the board of trustees' legal fiduciary responsibility 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鈥 wishes while considering Puget Sound鈥檚 charitable purpose in making investment decisions
- Acting 鈥渋n good faith and with the care, an ordinarily prudent person in a like position would exercise under similar circumstances.鈥
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鈥檚 endowment investment and spending policies consistent with the board鈥檚 fiduciary responsibilities.