Section 564-F:11-1104 - Duty of Prudent Management(a) Unless the governing documents provide otherwise, a director has a duty to manage the foundation, its affairs, and its property as a prudent person would manage the foundation, its affairs, and its property.(b) In satisfying the standard under subsection (a), a director shall: (1) Exercise reasonable care and skill; and(2) Consider the factors that are relevant under the circumstances, including: (A) The foundation's purposes;(B) The beneficiaries' interests; and(C) The foundation's distributional requirements.(c) In managing the foundation, its affairs, and its property, a director may incur only costs that are reasonable in relation to the foundation's property, the foundation's purposes, and the director's skills.Added by 2017, 257:47, eff. 10/1/2017. 2017, 257:47, eff. Oct. 1, 2017.