Responsible Official: Controller
Responsible Office: Gift Administration
Effective Date: February 2, 2011
Revision Date: January 20, 2023
Policy Sections
2203.1 Requirements for University Funds Functioning as Endowment (“UFFEs”)
Scope
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.
Policy Statement
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.
Reason for the Policy
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.
Definitions
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.
Policy Sections
2203.1 Requirements for University Funds Functioning as Endowment (“UFFEs”)
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.
Related Resources
2203 PR.01 Establishing and Liquidating a University Fund Functioning as Endowment (“UFFE”)
2203 FR.03 Request to Reinvest Unspent Endowment Income to Principal
2203 FR.04 Request to Set-Up or Add to a University Fund Functioning as Endowment (UFFE)
2203 FR.05 Request to Decapitalize an Existing University Fund Functioning as Endowment (UFFE)
2203 FR.06 Request to Close Spendable Gift
2203 FR.07 YSM - Request to Reinvest Unspent Endowment Income to Principal
2203 FR.08 YSM - Request to Set-Up or Add to a University Fund Functioning as Endowment (UFFE)
2203 FR.09 YSM - Request to Decapitalize an Existing University Fund Functioning as Endowment (UFFE)