Only the Finance Committee of the Board of Trustees may establish, alter (including increasing or decreasing the funding amount), or terminate a Quasi‐Endowment Fund. Such actions are taken by the Finance Committee based on the written recommendation of the Vice President for Business and Finance.
Establishment a of Quasi-Endowment Fund
Departments desiring to establish a Quasi-Endowment Fund should forward the following information to Accounting and Business Services:
- The amount of initial funding recommended for the quasi-endowment,
- The FOAPAL that will fund the quasi-endowment,
- The purpose or intention of the fund,
- Any restrictions imposed by the donor or source of the original funds, and
- Authorization (signature) of Dean or Business Manager and the Provost and Academic Vice President confirming the recommendation to establish the Quasi-Endowment Fund.
After Accounting and Business Services has received and verified this information, that office will determine whether to recommend that the Vice President for Business and Finance request approval from the Finance Committee to establish the Quasi-Endowment Fund.
Quasi-Endowment Funds designated by the Board of Trustees are classified in the general ledger as Board-designated endowments and are included within unrestricted net assets for financial reporting purposes. All endowment funds, including Quasi-Endowment Funds, are classified, reported, and managed in accordance with the standards prescribed by the Uniform Prudent Management of Institutional Funds Act.
A violation of any portion of this Policy may result in disciplinary action, up to and including termination of employment and/or legal action. In addition, an employee may be personally liable for any amount expended in violation of this Policy.