2203 University Funds Functioning as Endowment ("UFFEs")

Policy Sections

2203.1 Requirements for University Funds Functioning as Endowment (“UFFEs”)

This policy covers the establishment of University Funds Functioning as Endowment (“UFFEs”), which may include funds from various sources.

The sources from which a UFFE may be established include gifts, bequests, and unrestricted sources such as royalties and operating surpluses.

Authority to establish and liquidate UFFEs rests with the Corporation, although it has delegated such authority to the President and the Provost.  The minimum amount to establish a UFFE is $100,000, and the minimum period of time such funds are expected to remain invested in the endowment is 10 years.

A report of all activity reflecting the creation or liquidation of UFFEs is presented to the Corporation at least annually.

This policy defines who has the authority to establish, spend and liquidate a UFFE and sets the minimum amount for which a UFFE may be established and the minimum period of time the UFFE is expected to be invested in the endowment.

University Funds Functioning as Endowment (“UFFEs” or “quasi-endowment” funds)

Funds that are treated by an institution as an endowment gift using non-endowment sources and held for its own benefit.   

Endowment Fund

A gift or a part of a gift that is designated as endowment under the terms of the gift instrument.

A. Approval

Authority to establish and liquidate UFFEs rests with the Corporation, although it has delegated such authority to the President and the Provost.

B. Minimum Amount

The minimum amount for which a UFFE may be established is $100,000.

C. Expected Investment Period

A fund set up as a UFFE is expected to remain invested in the endowment for a minimum of ten (10) years.