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            "text": "□",
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            "text": "Endowment Spending Policy\nKentucky State University",
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            "text": "This policy statement is issued by the Board of Regents of Kentucky State University for guidance in the spending of endowment fund earnings."
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            "text": "Fiduciary Responsibility",
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            "text": "The Board of Regents of Kentucky State University has a fiduciary responsibility to comply with all restrictions imposed by donors on gifts for endowment purposes. An endowment is established when a gift is received from a donor, under a donatives' instrument, who wishes to maintain the quality in faculty, students and facilities of the University. The Board of Regents recognizes the importance of establishing policies and procedures to meet the University's development needs and to attract private support. This policy is to establish administrative guidance in accepting and administering gifts in a fiduciarily prudent and efficient manner."
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            "text": "Endowments are divided into the following three categories:"
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            "text": "Permanent Endowments",
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            "text": "Permanent endowments are assets designated by the donor to be held in perpetuity. The corpus of permanent endowments may never be spent. Earnings and capital gains must be expended in accordance with the terms and conditions established by the donor. Permanent endowments are often called “true” or “pure” endowments."
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            "text": "Term Endowments",
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        {
            "id": "p73.12",
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            "text": "Term endowments are assets designated by the donor to be held until a particular date or event or condition occurs. The term endowment may terminate upon the occurrence of the date, event or condition established by the donor. The endowment corpus may then be expended in accordance with the terms and conditions specified by the donor."
        },
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            "text": "Quasi-Endowments",
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            "text": "Certain institutional funds may be set aside and be maintained as endowments. The Board of Regents, acting through University Administration, may specify the use of assets and spending policy for endowment income and earnings and set other terms and conditions related to the fund. The terms and conditions of the quasi-endowment may be changed or terminated by the Board of Regents."
        },
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            "text": "Kentucky State University\nEndowment Spending Policy\nAs presented to the Board of Regents\nJuly 2011",
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