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Relationships with University-Related Foundations

  • Responsible Office: Office of the Senior VP and CFO, Finance and Budget
  • Current Approved Version: 06/01/2021
  • Policy Type: Board of Visitors

Policy Statement and Purpose

University-related foundations exist to benefit the university or one or more of the university's schools or departments. The university recognizes the importance of and is committed to building strong relationships with related foundations. This policy establishes requirements to strengthen collaboration, recognize the independence of related foundations, achieve strategic alignment, and ensure transparency of operations.

Table of Contents

  
Who Should Know This Policy  
Definitions  
Contacts  
Policy Specifics and Procedures  
Forms  
Related Documents  
Revision History  
FAQ  

 

Who Should Know This Policy

The Board of Visitors, VPs and current and proposed related foundations are responsible for knowing this policy and familiarizing themselves with its contents and provisions.

Definitions

There are no definitions associated with this policy.

Contacts

Please direct policy questions to the office of the senior vice president and CFO.

Policy Specifics and Procedure

The Board of Visitors should be advised of the purpose of the foundation and the scope of its activities, including grants and fund raising, even though the Board's policy is not to control the activities and functions of its related foundations. The senior vice president and CFO will review related foundation activities at least annually to assure that the foundation's operations are consistent with the university's purpose, mission, policies and procedures.

Transactions between the university and a related foundation should meet the normal tests for ordinary business transactions, including proper documentation and approvals. The University shall not borrow funds from the Foundation, or ask the Foundation to borrow funds on its behalf, without all written authorization required by federal or Virginia law as well as the explicit approval of the Foundation's Board of Trustees, the University's Board of Visitors, and, if necessary, the Commonwealth of Virginia.

Any transfer of endowments or other assets between the related foundation and the university for investment management or other purposes should comply with the fiduciary requirements of the respective Boards and assure that any restrictions governing the future distribution of funds are observed.

A related foundation should provide assurance that its financial activities are carried out and reported in accordance with generally accepted business and accounting practices. Special attention should be given to avoiding direct or indirect conflicts of interest between the university and the related foundation and those whom the foundation does business.

The university and each related foundation will enter into a memorandum of understanding detailing common expectations and responsibilities for the university and for the related foundation. In addition, the university and a related foundation may enter into additional contracts and agreements to set forth specific expectations and responsibilities unique to that relationship.

Forms

There are no forms associate with this policy.

Related Documents

There are no related documents.

Revision History

New Policy 1/1/1990

Minor Revisions 6/1/2021

FAQ

There are no FAQ for this policy.