Common use of Fund Stewardship and Administration Clause in Contracts

Fund Stewardship and Administration. The Foundation is the primary depository of private gifts to the University. The Foundation shall act to ensure the intent of donors is well-documented and honored. The Foundation also administers gifts made directly to the University and other University-related but distinct entities. Such gifts shall be administered as “agency funds”; that is, funds that are not the property of the Foundation. The Foundation shall promptly acknowledge and issue receipts for all gifts on behalf of the UM Foundation and the University and provide appropriate recognition and stewardship of such gifts. The Foundation shall adhere to and periodically assess its gift-management and acceptance policies. When a distribution of donor-provided funds is requested by the University, the Foundation shall evaluate the proposed use to ensure that the use of these funds is in accordance with the intent of the donor. In performing this duty the Foundation shall rely primarily on the review and endorsement of appropriate University staff. When distributing gift funds to the University, the Foundation shall disclose any terms, conditions, or limitations imposed by donor or legal determination on the gift.

Fund Stewardship and Administration. The Foundation is the primary depository of private gifts to the University. The Foundation shall act to ensure the intent of donors is well-well- documented and honored. The Foundation also administers gifts made directly to the University and other University-University- related but distinct entities. Such gifts shall be administered as “agency funds”; that is, funds that are not the property of the Foundation. The Foundation shall promptly acknowledge and issue receipts for all gifts on behalf of the UM Foundation and the University and provide appropriate recognition and stewardship of such gifts. The Foundation shall adhere to and periodically assess its gift-management and acceptance policies. When a distribution of donor-provided funds is requested by the University, the Foundation shall evaluate the proposed use to ensure that the use of these funds is in accordance with the intent of the donor. In performing this duty the Foundation shall rely primarily on the review and endorsement of appropriate University staff. When distributing gift funds to the University, the Foundation shall disclose any terms, conditions, or limitations imposed by donor or legal determination on the gift.

Fund Stewardship and Administration. The Foundation is the primary depository of private gifts to the University. The Foundation shall act to ensure the intent of donors is well-well- documented and honored. The Foundation also administers gifts made directly to the University and other University-University- related but distinct entities. Such gifts shall be administered as “agency funds”; that is, funds that are not the property of the Foundation. The Foundation shall promptly acknowledge and issue receipts for all gifts on behalf of the UM Foundation and the University and provide appropriate recognition and stewardship of such gifts. The Foundation shall adhere to and periodically assess its gift-management and acceptance policies. When a distribution of donor-provided funds is requested by the University, the Foundation shall evaluate the proposed use to ensure that the use of these funds is in accordance with the intent of the donor. In performing this duty the Foundation shall rely primarily on the review and endorsement of appropriate University staff. When distributing gift funds to the University, the Foundation shall disclose any terms, conditions, or limitations imposed by donor or legal determination on the gift.