Ohio § 1715.52

§ 1715.52.

(A) Subject to the intent of a donor expressed in a gift instrument, an institution,

in managing and investing an institutional fund, shall consider the charitable purposes

of the institution and the purposes of the institutional fund. (B) In addition to complying with any other duty of loyalty imposed by law, each person

responsible for managing and investing an institutional fund shall manage and invest

the fund in good faith and with the care an ordinarily prudent person in a like position

would exercise under similar circumstances. (C) In managing and investing an institutional fund, an institution may incur only costs

that are appropriate and reasonable in relation to the assets, the purposes of the

institution, and the skills available to the institution, and shall make a reasonable

effort to verify facts relevant to the management and investment of the fund. (D) An institution may pool two or more institutional funds for purposes of management

and investment. (E) Except as otherwise provided by a gift instrument, all of the following apply: (1) In managing and investing an institutional fund, the following factors, if relevant,

shall be considered: (a) General economic conditions; (b) The possible effect of inflation or deflation; (c) The expected tax consequences, if any, of investment decisions or strategies; (d) The role that each investment or course of action plays within the overall investment

portfolio of the fund; (e) The expected total return from income and the appreciation of investments; (f) Other resources of the institution; (g) The need of the institution and of the fund to make distributions and preserve capital; (h) An asset's special relationship or special value, if any, to the charitable purposes

of the institution. (2) Management and investment decisions about an individual asset shall be made not in

isolation but rather in the context of the institutional fund's portfolio of investments

as a whole and as a part of an overall investment strategy having risk and return

objectives reasonably suited to the fund and to the institution. (3) Except as otherwise provided by law, an institution may invest in any kind of property

or type of investment consistent with this section. (4) An institution shall diversify the investments of an institutional fund unless the

institution reasonably determines that, because of special circumstances, the purposes

of the fund are better served without diversification. (5) Within a reasonable time after receiving property, an institution shall make and

carry out decisions concerning the retention or disposition of the property or the

rebalancing of a portfolio, in order to bring the institutional fund into compliance

with the purposes, terms, and distribution requirements of the institution and as

necessary to meet other circumstances of the institution and the requirements of sections 1715.51 to 1715.59 of the Revised Code . (6) A person that has special skills or expertise, or is selected in reliance upon the

person's representation of the person's special skills or expertise, has a duty to

use those skills or that expertise in managing and investing institutional funds.