Can funds from the sale of surplus artifacts by nonprofit Museum go into general fund or must proceeds be used for purchase other artifacts?

According to the Uniform Prudent Management of Institutional Funds Act (UPMIFA), the proceeds from the sale of surplus artifacts by a nonprofit museum can be used for either:

1. The acquisition of other artifacts, or

2. Any other purpose that is in furtherance of the museum's mission.

This means that the museum has the flexibility to use the funds as it sees fit, as long as the use is related to its mission.

However, it's important to note that some states may have specific laws or regulations regarding the use of funds from the sale of surplus artifacts by nonprofit museums. Therefore, it's always advisable for the museum to consult with legal counsel or the appropriate regulatory authorities to ensure compliance with all applicable laws and regulations.