Program Information: This section must identify what program the endowed fund supports and who will oversee the program.
No Donor Control; No Donor Benefit: This section must demonstrate that the endowed fund is in compliance with current regulations.
Endowment Policies: This section must identify the policies that govern the endowed fund.
Stewardship Reports: This section must identify what reporting will occur concerning the program.
Publicity: This section must identify the expected publicity concerning the program.
Change in Circumstances: This section must identify what actions can be taken if the program's situation changes.
Entire Agreement: This section must identify any terms that are being incorporated from previous documents and actions, and it must state that the instant agreement reflects all terms and conditions agreed upon by the parties.
Amendment: This section must identify how the agreement may be amended in the future.
Acceptance: This section must identify who may sign the agreement.
When an endowed fund is identified as not having an executed agreement between the funder and the University, the Office of Institutional Advancement shall conduct a further review of said fund.
The Office of Institutional Advancement will then review all available historical information on file for the fund.
Utilizing the Internal Endowment Agreement Template, the Office of Institutional Advancement drafts the agreement and incorporates any known restrictions from the historical documents.
Next, the Office of Institutional Advancement then submits the Internal Endowment Agreement to the Office of General Counsel for review.
Upon the General Counsel's approval, the draft internal endowment agreement is submitted to the Vice President for Finance & Business Affairs for acceptance and execution.
Upon acceptance, the Internal Endowment Agreement will be placed in the fund's governing folder and will remain in force until replaced.
University Internal Endowment Agreements shall be reviewed on a periodic basis (every three years, at a minimum) by The Office of Institutional Advancement and/or the Department of Finance & Business Affairs.
During the periodic review, agreements will be examined for the following: