KENTUCKY STATE UNIVERSITY POLICIES AND PROCEDURES
POLICY TITLE: Policy on Internal Endowment Agreements
VOLUME, SECTION & NUMBER: 4.1.15
ENTITIES AFFECTED: All University Stakeholders
ADMINISTRATIVE AUTHORITY: Office of Institutional Advancement Department of Finance & Business Affairs
The Kentucky State University Board of Regents
EFFECTIVE DATE: November 28, 2023
House Bill 250 (2022) directed the Council on Postsecondary Education to establish a Management and Improvement Plan for the University. The Council's Plan requires the University to review endowment agreements and execute new agreements where needed. It further instructs that when no endowment agreement exists in the University's files, an internal agreement may be established to ensure a governing document is on file for all campus endowments.
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, and restrictions, 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 outlined in this policy.