The termination of the PNPM-MPd in ​​2014 caused problems for program executives, especially in terms of preserving the system, assets, and institutions of the ex-PNPM-MPd UPKs’ revolving fund management. Consequently, the ex-PNPM-MPd UPKs must select and adjust their institutional models following applicable regulations to continue to carry out revolving fund activities to preserve the revolving fund as the legacy of the PNPM-MPd. This study, aimed at identifying the problems related to the institutional models of the ex-PNPM-MPd UPKs, used a qualitative descriptive research method carried out in 2020 on seven ex-PNPM-MPd UPKs representing three institutional models in East Java Province. The identification found that, in general, the three institutional models, namely the Original UPK, BUMDesma, and PBH, faced the same problems, including the lack of a solid legal basis for institutions, dynamics of institutional management personnel and related stakeholders, poor collectibility, and stagnation of business development.

Keywords: revolving fund, PNPM-MPd, institution