{
    "document_id": 13978,
    "page": 2,
    "width_pt": 612,
    "height_pt": 792,
    "rotation": 0,
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    "source_run_id": 14090,
    "item_count": 14,
    "counts_by_type": {
        "heading": 6,
        "text": 8
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    "items": [
        {
            "id": "p2.1",
            "order": 1,
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            "bbox": {
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            "text": "This policy shall be formally reviewed annually and as such other times as desired by the Board of Regents, or the Board's designated Committee, and KSU's administration. Any modifications to the policy shall be approved by the Board of Regents, and this policy is exempt from the review process outlined in KSU's Policy on Policies. This policy shall supersede all existing Kentucky State University Endowment Investment Policies and Endowment Spending Policies."
        },
        {
            "id": "p2.2",
            "order": 2,
            "type": "heading",
            "bbox": {
                "l": 33.6,
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                "b": 643.44
            },
            "text": "DEFINITIONS:",
            "attrs": {
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            "level": 3
        },
        {
            "id": "p2.3",
            "order": 3,
            "type": "heading",
            "bbox": {
                "l": 33.36,
                "t": 624.72,
                "r": 275.04,
                "b": 611.76
            },
            "text": "Institutional Advancement & External Relations",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p2.4",
            "order": 4,
            "type": "text",
            "bbox": {
                "l": 33.6,
                "t": 608.64,
                "r": 577.44,
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            "text": "The KSU division responsible for planning, coordinating, and implementing all KSU fundraising programs and for providing support to the KSU Thorobreds Foundation, Inc. in these efforts."
        },
        {
            "id": "p2.5",
            "order": 5,
            "type": "heading",
            "bbox": {
                "l": 33.36,
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            },
            "text": "KSU Thorobreds Foundation, Inc. (the \"Foundation\")",
            "attrs": {
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            },
            "level": 3
        },
        {
            "id": "p2.6",
            "order": 6,
            "type": "text",
            "bbox": {
                "l": 33.6,
                "t": 544.08,
                "r": 577.2,
                "b": 513.36
            },
            "text": "The independent 501(c)(3) charitable organization designated to receive, manage, and disburse philanthropic gifts for the benefit of Kentucky State University, as detailed in the KSU Gift Acceptance Policy."
        },
        {
            "id": "p2.7",
            "order": 7,
            "type": "heading",
            "bbox": {
                "l": 33.6,
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            "text": "PROCESS:",
            "attrs": {
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            "level": 3
        },
        {
            "id": "p2.8",
            "order": 8,
            "type": "text",
            "bbox": {
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            "text": "The Endowment is an aggregation of funds comprised of gifts from donors and grants from the Commonwealth of Kentucky, with the requirement that they be invested in perpetuity to generate a reliable and steady growing revenue stream to support the mission of Kentucky State University (KSU) both now and in the future. The revenue stream, or annual spending distributions, supports scholarships, chairs, professorships, and departments, as defined by the executed Endowment agreements. The Endowment is expected to provide fiscal stability because the principal is invested for long-term growth, and spending distributions are generated annually."
        },
        {
            "id": "p2.9",
            "order": 9,
            "type": "text",
            "bbox": {
                "l": 32.4,
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                "r": 578.88,
                "b": 288
            },
            "text": "KSU has a fiduciary responsibility to prudently manage and preserve the long-term purchasing power of the Endowment, as well as the individual funds, in order to eventually support present and future beneficiaries. The fiduciary responsibility constitutes both a legal and moral obligation to donors and the Commonwealth of Kentucky, who intend that their gifts and grants provide support for KSU into perpetuity."
        },
        {
            "id": "p2.10",
            "order": 10,
            "type": "text",
            "bbox": {
                "l": 33.36,
                "t": 273.84,
                "r": 576.96,
                "b": 244.56
            },
            "text": "The Endowment is considered open and can welcome additional funds from current or future donors with the expectation that they be invested on a long-term basis."
        },
        {
            "id": "p2.11",
            "order": 11,
            "type": "heading",
            "bbox": {
                "l": 33.6,
                "t": 229.44,
                "r": 155.52,
                "b": 216.72
            },
            "text": "Delegation of Authority",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p2.12",
            "order": 12,
            "type": "text",
            "bbox": {
                "l": 33.36,
                "t": 215.04,
                "r": 507.12,
                "b": 201.12
            },
            "text": "The Board of Regents delegates to the administration the following investment-related activities."
        },
        {
            "id": "p2.13",
            "order": 13,
            "type": "heading",
            "bbox": {
                "l": 33.6,
                "t": 186,
                "r": 578.16,
                "b": 171.6
            },
            "text": "Hiring and Monitoring of the Discretionary Investment Consultant (hereinafter referred to as “the Consultant”)",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p2.14",
            "order": 14,
            "type": "text",
            "bbox": {
                "l": 33.12,
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                "r": 578.4,
                "b": 53.52
            },
            "text": "In collaboration with the President, the administration will—in accordance with appropriate regulations and guidelines—appoint, monitor, and evaluate the external Consultant for the investment asset allocation and strategies approved by the Board of Regents or its designated Committee. The administration will provide updates to the Board or its designated Committee on the ongoing monitoring and evaluation of the Consultant at each meeting and at other times as requested by the Board or its designated Committee. The administration may implement temporary investments as needed due to the firm's investment strategy, portfolio structure changes, and/or domestic/global conditions. The administration may manage certain administrative actions for"
        }
    ],
    "excluded_furniture": {
        "first": [],
        "last": []
    }
}