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            "text": "Kentucky State University\nBusiness Policies and Procedures Manual",
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            "text": "Endowment Investment Access Control"
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            "text": "Responsible position(s):",
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            "text": "Controller"
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            "text": "Required documents and access:",
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            "text": "Online administrator access to investment accounts"
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                    "text": "As needed to add or delete user access",
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                    "text": "Annually review user access",
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            "text": "Steps:",
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                    "text": "Ensure investment account set up requires dual controls for transaction activity in the accounts.",
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                    "text": "Assign appropriate security roles to the employees in those positions. The investment manager will require the assigned users to validate their identity.",
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            "text": "Controller and Accountant - query only access; positions responsible for reconciling investment accounts."
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                    "text": "VP Advancement – transactional access to initiate transfers out.",
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                    "text": "CFO – transactional access to approve transfers out.",
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                    "text": "Review authorized users' access annually to ensure access is appropriately assigned and revoked in a timely manner.",
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            "text": "Endowment Spending Allocations",
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            "text": "Annual spending distributions from endowments is set by policy. It is calculated by a smoothing formula based on a rolling three-year average of the quarterly market values. Ending market values for the last 12 quarters are averaged, and the result is then multiplied by the 4% spending rate (1% per quarter) to determine the total amount to be distributed. This amount is then allocated to participating funds based on their pro-rata share of the total investment pool."
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            "text": "The calculated annual spending distribution must fall between 3.5% and 5% of the current market value of the pooled endowment investment. Should the rolling three-year average be outside of this range, it will be raised to 3.5% or lowered to 5%. The Board of Regents reserves the right to freeze, lower, or increase the annual spending distribution in an extraordinary financial situation."
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            "text": "Eligible endowment funds will be charged an annual internal administrative management fee of 0.50% of the current market value (assessed quarterly) to support the administrative costs of the institution."
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            "text": "Page 46",
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