All staff who can work at home should continue to do so. Only with an explicit request from a supervisor should a staff member return to campus. For more information, review COVID-19 Workplace Guidance.
2203 University Funds Functioning as Endowment (UFFEs)
February 2, 2011
June 2, 2017
This policy covers the establishment of University Funds Functioning as Endowment (UFFEs), which may include funds from various sources.
Although the main source of UFFEs is private gifts and bequests, an institution might elect to treat as UFFE funds from other sources, such as royalties.
The Corporation has delegated authority to establish and to spend down and/or liquidate UFFEs to the President or the Provost. The minimum amount to establish a UFFE is $100,000, and the minimum period of time the 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.
Funds Functioning as Endowment (“FFE” or “quasi-endowment” fund)
A gift that is treated by an institution as an endowment gift using non-endowment sources and held for its own benefit.
A gift or a part of a gift that is designated as endowment under the terms of the gift instrument.
Approval authority rests with the Provost.
The minimum amount for which a UFFE will be established is $100,000.
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.