The endowment funds shall be administered and managed in accordance with all of the following:

(a) Reasonably prudent investor standards that will give the fund the capacity to achieve reasonable rates of return on investment similar to those of other prudent investors for long-term investments.

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(b) Use of generally accepted accounting practices, and expenditure and investing procedures.

(c) Investment policies that are consistent with the Uniform Prudent Investor Act (Article 2.5 (commencing with Section 16045) of Chapter 1 of Part 4 of Division 9 of the Probate Code), and with the Uniform Management of Institutional Funds Act (Part 7 (commencing with Section 18501) of Division 9 of the Probate Code), as applicable.

(Added by Stats. 2010, Ch. 687, Sec. 2. (AB 2503) Effective January 1, 2011.)