{ "document_id": 16379, "page": 45, "width_pt": 612, "height_pt": 792, "rotation": 0, "pipeline_version": "paddleocr-vl-1.6+paul-48", "engine": "paddleocr_vl", "source_run_id": 16490, "item_count": 17, "counts_by_type": { "footer": 1, "header": 1, "heading": 2, "list": 1, "list_item": 5, "text": 7 }, "build_ms": 2, "items": [ { "id": "p45.1", "order": 1, "type": "header", "bbox": { "l": 69.6, "t": 754.8, "r": 282.24, "b": 729.12 }, "text": "Kentucky State University\nBusiness Policies and Procedures Manual", "attrs": { "block_label": "header" }, "level": 2 }, { "id": "p45.2", "order": 2, "type": "heading", "bbox": { "l": 70.08, "t": 712.8, "r": 346.32, "b": 697.92 }, "text": "Endowment Investment Management", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p45.3", "order": 3, "type": "text", "bbox": { "l": 68.64, "t": 693.36, "r": 538.8, "b": 577.44 }, "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": "p45.4", "order": 4, "type": "text", "bbox": { "l": 68.64, "t": 569.52, "r": 540.24, "b": 497.04 }, "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, 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 in perpetuity." }, { "id": "p45.5", "order": 5, "type": "text", "bbox": { "l": 68.64, "t": 488.88, "r": 512.4, "b": 461.52 }, "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": "p45.6", "order": 6, "type": "heading", "bbox": { "l": 70.32, "t": 451.44, "r": 108, "b": 437.52 }, "text": "Policy", "attrs": { "block_label": "paragraph_title" }, "level": 3 }, { "id": "p45.7", "order": 7, "type": "text", "bbox": { "l": 68.88, "t": 434.4, "r": 517.68, "b": 392.16 }, "text": "This policy aims to outline a philosophy that will guide the management of investment assets toward desired results. It is intended to be sufficiently specific as to be meaningful, yet flexible enough to be practical." }, { "id": "p45.8", "order": 8, "type": "text", "bbox": { "l": 69.84, "t": 383.28, "r": 400.56, "b": 370.08 }, "text": "This Endowment Investment & Spending Policy is set forth in order to:" }, { "id": "p45.9", "order": 9, "type": "list", "bbox": { "l": 86.64, "t": 361.405, "r": 536.64, "b": 256.56 }, "text": "", "attrs": { "item_count": 5 }, "children": [ { "id": "p45.9.1", "order": 10, "type": "list_item", "bbox": { "l": 86.88, "t": 361.405, "r": 272.64, "b": 347.28 }, "text": "Define and assign responsibilities;" }, { "id": "p45.9.2", "order": 11, "type": "list_item", "bbox": { "l": 86.88, "t": 346.155, "r": 530.88, "b": 318.48 }, "text": "Establish a clear understanding of the investment goals and objectives of the Endowment assets;", "marker": "-" }, { "id": "p45.9.3", "order": 12, "type": "list_item", "bbox": { "l": 86.88, "t": 316.655, "r": 510.48, "b": 288.96 }, "text": "Offer guidance and limitations regarding the investment and spending of Endowment assets;" }, { "id": "p45.9.4", "order": 13, "type": "list_item", "bbox": { "l": 86.88, "t": 286.885, "r": 366.24, "b": 272.88 }, "text": "Establish a basis of evaluating investment results; and" }, { "id": "p45.9.5", "order": 14, "type": "list_item", "bbox": { "l": 86.64, "t": 271.635, "r": 536.64, "b": 256.56 }, "text": "Manage the Endowment's assets according to industry best practices and applicable laws." } ] }, { "id": "p45.10", "order": 15, "type": "text", "bbox": { "l": 68.64, "t": 247.44, "r": 527.28, "b": 175.92 }, "text": "The Endowment Investment & Spending Policy shall be formally reviewed annually and at such other times as desired by the Board of Regents, or the Board’s designated Committee, and the University’s administration. Any modifications to the policy shall be approved by the Board. This Endowment Investment & Spending Policy shall supersede all existing Kentucky State University Endowment Investment Policies and Endowment Spending Policies." }, { "id": "p45.11", "order": 16, "type": "text", "bbox": { "l": 68.64, "t": 167.04, "r": 529.44, "b": 109.68 }, "text": "Policy statement 4.1.16 provides procedures for hiring and monitoring of the investment management firm, achieving investment objectives, and allocating spending from the funds. The procedures documented in this section describe recording the resulting investment earnings, gains, losses and distributions in the accounting records." }, { "id": "p45.12", "order": 17, "type": "footer", "bbox": { "l": 501.6, "t": 61.44, "r": 541.2, "b": 49.44 }, "text": "Page 45", "attrs": { "block_label": "number" } } ], "excluded_furniture": { "first": [], "last": [] } }