Common use of Fund Stewardship and Asset Management Clause in Contracts

Fund Stewardship and Asset Management. The Foundation will receive, hold, manage, invest, and disperse contributions of cash, securities, and other forms of property, including immediately vesting gifts and deferred gifts that are contributed in the form of planned and deferred-gift instruments. The Foundation also manages gifts made directly to the University. Such gifts shall be managed as agency funds that are not the property of the Foundation. The Foundation is the primary depository for private gifts to the University. The Foundation will transfer funds to the designated entity within the University in compliance with applicable laws, University policies, and gift agreements. The Foundation will vet the proposed use of donor provided funds to assure that the use of these funds is in accordance with the intent of the donor. In performing this duty, the Foundation will rely primarily on the review and endorsement of appropriate University staff. When distributing gift funds to the University, the Foundation will disclose any terms, conditions, or limitations imposed by donor or legal determination on the gift. The University will abide by such restrictions and provide appropriate documentation. In managing gifts the Foundation will establish asset-allocation, disbursement and spending policies that adhere to all current and future applicable federal and state, including the Uniform Prudent Management of Institutional Funds Act (UPMIFA) as amended or modified from time to time. The Foundation shall provide periodic summaries and confirmations of balances of University funds as may be requested or required. Additionally, the Foundation shall provide the University with a copy of the most recent investment policy.

Fund Stewardship and Asset Management. The Foundation will receive, hold, manage, invest, and disperse contributions of cash, securities, and other forms of property, including immediately vesting gifts and deferred gifts that are contributed in the form of planned and deferred-gift instruments. The Foundation also manages gifts made directly to the University. Such gifts shall be managed as agency funds that are not the property of the Foundation. The Foundation is the primary depository for private gifts to the University. The Foundation will transfer funds to the designated entity within the University in compliance with applicable laws, University policies, and gift agreements. The Foundation will vet the proposed use of donor provided funds to assure that the use of these funds is in accordance with the intent of the donor. In performing this duty, the Foundation will rely primarily on the review and endorsement of appropriate University staff. When distributing gift funds to the University, the Foundation will disclose any terms, conditions, or limitations imposed by donor or legal determination on the gift. The University will abide by such restrictions and provide appropriate documentation. In managing gifts the Foundation will establish asset-allocation, disbursement and spending policies that adhere to all current and future applicable federal and state, including the Uniform Prudent Management of Institutional Funds Act (UPMIFA) as amended or modified from time to time. The Foundation shall provide periodic summaries and confirmations of balances of University funds as may be requested or required. Additionally, the Foundation shall provide the University with a copy of the most recent investment policyInvestment Policy.