{
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        {
            "id": "p48.1",
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            "type": "heading",
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            "text": "POLICY STATEMENT:",
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            "bbox": {
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            "text": "I. General",
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            "bbox": {
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            "text": "The Kentucky State University Endowment (“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 steadily growing revenue stream to support the mission of Kentucky State University (“University”) 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": "p48.4",
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            "bbox": {
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            "text": "The University has a fiduciary responsibility to prudently manage and preserve the long-term purchasing power of the Endowment, as well as the individual endowment funds, in order to evenly support present and future beneficiaries. This 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 the University into perpetuity."
        },
        {
            "id": "p48.5",
            "order": 5,
            "type": "text",
            "bbox": {
                "l": 68.16,
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            "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": "p48.6",
            "order": 6,
            "type": "heading",
            "bbox": {
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            "text": "II. Delegation of Authority",
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        {
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            "text": "The Board of Regents delegates to the administration the following investment-related activities."
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            "bbox": {
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            "text": "Hiring/Monitoring of Investment Manager (Firm)",
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        },
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            "id": "p48.9",
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            "text": "In collaboration with the President, the administration will appoint, monitor, and evaluate the external investment manager (firm) (following the appropriate regulations and guidelines) 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/Committee on the ongoing monitoring and evaluation of the firm at each meeting and at other times as requested by the Board/Committee. The administration may implement temporary investments as needed due to the firm's investment strategy, portfolio structure changes, and/or global conditions."
        },
        {
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            "order": 10,
            "type": "heading",
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            "text": "Management of Endowment Assets",
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            "level": 3
        },
        {
            "id": "p48.11",
            "order": 11,
            "type": "text",
            "bbox": {
                "l": 104.88,
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            "text": "The firm will exercise discretion over the securities or assets in accordance with specified investment guidelines. Investment managers will follow the approved asset allocation guidelines."
        },
        {
            "id": "p48.12",
            "order": 12,
            "type": "text",
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            "text": "2",
            "attrs": {
                "block_label": "number"
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        },
        {
            "id": "p48.13",
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            "type": "footer",
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                "b": 40.32
            },
            "text": "ALL POLICIES ARE SUBJECT TO AMENDMENT",
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