Topic

Former Policy

New Policy

Fee:

12% fee collected on all gifts except investable portion of endowment


Endowment portfolio fee of 1.95%

Waive fee on gifts for projects of $1 million or more that are expected to last longer than 24 months

Endowment portfolio fee of 1.75%

Endowment:

minimum to establish a fund = $10,000

minimum to open a fund = $10,000 cash

no waiting period for first investment performance to be posted


investment performance can be spent as soon as posted

Fund Manager must request unused funds in 20 account be returned to principal

minimum varies with approved recognition levels

open the fund when receive any cash


waiting period of one fiscal year before first investment performance posted

cannot spend distributions until minimum cash threshold reached

automatic return of unused funds in 20 account to principal, unless exception requested

Financial Aid:

check prepared as directed by fund manager, often directly to student

Fund manager varies

disbursement to student accounts only

Fund manager is Director, of Financial Aid

Approval of Expenditure:

Prior approval required for family and friends to attend University-sponsored events, such as dinners or receptions for visiting speakers

Gifts to other charitable organizations requires prior approval

No expenditure for social clubs for any University faculty or staff

Generally, no expenditure allowed; but can request exception for important business reason

No gifts to other charitable organizations

President, Vice President for Athletics, and Vice President for University Development can have social club membership paid by the Foundation.

Required Documentation for Disbursements:

Commodities set three levels ($0 - $2499 for “standard documentation”  $2500 -$9,999 for 3 quotes and justification as to reasonableness of vendor selected; $10,000 and above require 3 quotes and prior approval by Foundation) Services set four levels

Services and Commidities the same, with three levels: $0 - $2499 standard documentation $2500 -$9,999 for justification as to vendor selected; and $10,000 and up 3 quotes and prior approval

Payroll:

No University faculty or staff on the Foundation payroll

University faculty or staff can be hired under special circumstances (such as sponsored grants received)