Policy 3111 - Foundation Accounts
Effective Date: 8/26/2000
Responsible Office: Vice President for University Advancement
Foundation accounts may be established for the benefit of a college, department, or other unit of the university under the following provisions:
- The new account should fill a need not being met by existing Foundation accounts.
- The Dean of the college must approve by written memorandum the establishment of an account for any department or area within that college.
- To establish an endowment, a donor or entity must execute an Endowment Agreement; an endowment requires a minimum of $10,000; that amount may be accrued over a period not to exceed 36 months. (See Endowed Funds)
- A minimum of $500 is required to open an expendable, i.e., non-endowed, account.
- The person responsible for the fund, i.e., the releasing agent, must be a full-time employee of the University.
- The Foundation staff periodically reviews the balance and activity of funds and may request permission to transfer balances between funds if inactivity and low balances seem to warrant such.
- Approval for establishing an account rests with the Executive Director for University Advancement through the Director of Business Affairs. Approval for fundraising plans for individual funds rests with the Vice President for University Advancement through the Executive Director for University Advancement and the Director of Development.