House Bill 522 (Rep. Oelslager) has been passed without opposition by the Ohio House of Representatives for the purpose of adopting the Uniform Prudent Management of Institutional Funds Act (finalized in 2006 by the National Conference of Commissioners on Uniform State Laws) by revising the Ohio Uniform Management of Institutional Funds Act, passed in 1975. Some of the bill’s primary changes deal with standards of conduct in managing and investing an institutional fund and the appropriation for an expenditure or accumulation of part of an institution’s endowment fund. The law generally governs the management and administration of charitable institution endowment funds and would do three things: (1) apply Uniform Prudent Investor Act factors and principles of modern portfolio investing, to align the fiduciary investment standards and duties generally applicable to private trust funds with the investment duties and standard applicable to the investment of endowment funds; (2) apply a percentage-of-fund-value distribution standard to “underwater” endowment funds that can arise when a sizable contribution is followed by a sharp decline in the market, replacing the current “historic dollar value” standard for distribution with a “5 percentof- value” standard; (3) ease administrative burden for the modification or release of restrictions. The attorney general’s office has requested an amendment regarding the modification of restrictions provision, and the Ohio State Bar Association agrees with the amendment.