KENTUCKY STATE UNIVERSITY
POLICIES AND PROCEDURES
POLICY TITLE: Interim Policy on Internal Endowment Agreements
VOLUME, SECTION & NUMBER: 4.1.15
APPROVED BY: Acting President Michael D. Dailey, PhD
EFFECTIVE DATE: June 26, 2023 (Expected) [Interim until approved by the Board of Regents—expires 180 days from approval by the President]
REVISED FROM: Not applicable (New Policy)
Kentucky State University, through the practice of shared governance, aims to formally develop, approve, disseminate, implement, and maintain endowment agreements in a uniform process. To ensure compliance with donors' wishes, expectations, directives, restrictions, etc., each endowed account shall have a governing document.
In the absence of a signed memorandum of understanding, agreement, fund outline, or any other governing document, the University will draft Internal Endowment Agreements, which will be guided by the following principles:
Internal Endowment Agreements will:
Support the University’s mission, values, initiatives, and strategic goals;
Align ownership with appropriate authority, responsibility, and accountability;
Comply with applicable federal, state, and local laws and regulations, as well as all accreditation standards;
Be consistent with other University-executed agreements;
Be transparent; and
Have a mechanism for amendments, revisions, changed circumstances, and repeals.
The implementation of an Interim Policy on Internal Endowment Agreements enables Kentucky State University to manage its body of endowed funds effectively and efficiently. While some endowed funds have existing agreements, each fund should have an executed governing document on file for internal controls.
1