Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

REGENTS’ POLICY MANUALSECTION 7 – UNIVERSITY DEVELOPMENT7.3—NAMES OF BUILDINGS AND OTHER GIFTSSELECTED BY DONORSThe following policies and guidelines for endowed funds facilitate the processing of major gifts thatare to be used primarily for endowment purposes:1) Donors, the University, and if applicable, The University of Oklahoma Foundation,Inc., must agree on terms before a gift is accepted, either as an endowment or anexpendable account.2) The University Development Office should be notified immediately when aprospective donor inquires into establishing an endowment. The UniversityDevelopment or a designated development officer will work with the academic dean,department head, and a representative of The University of Oklahoma Foundation,Inc., or Regents’ Fund in establishing the endowed fund and developing the terms ofthe agreement.3) Each endowment will have specific guidelines that detail the purpose(s) of theendowment and provide a method for obtaining approval of changes in theendowment guidelines and procedures.4) The University or The University of Oklahoma Foundation, Inc., may seek changesthrough probate to any bequeathed endowment that has guidelines that are inviolation of University policy and/or law.5) Investment of endowment funds will be administered by the officially designatedgoverning boards. (The Board of Regents will approve the investment policies for theRegents’ Fund. Investment of endowment funds in The University of OklahomaFoundation, Inc., will be administered by the Trustees of the Foundation incompliance with the Foundation’s investment policy.) A donor may express his/herpreference for investment of assets, but final determination will be made by theappropriate governing board.6) The principal may be deposited as the initial gift or accumulated over a period oftime, determined at the time the gift is accepted.7) Unless otherwise stipulated by the terms of the gift, earnings on the endowment fundshall be made available for expenditure in accordance with the spending policies ofthe appropriate board. Endowments in the Regents’ Fund will be administeredaccording to the Regents’ Fund Spending Policy as approved by the Board ofRegents. Endowments in The University of Oklahoma Foundation, Inc. will beadministered according to the guidelines adopted by the Trustees of The Universityof Oklahoma Foundation, Inc. It is the intent of the spending policies to maintain thepurchasing power of endowment income and to protect the real value of theendowment for future generations.THE UNIVERSITY OF OKLAHOMA 309