BOV-008: Relationship with University-Associated Organizations (formerly known as University-Related Foundations)Date: 03/01/2019 Status: Final
The University of Virginia strives to develop the full potential of its students as responsible citizen leaders and professionals; to advance, preserve, and disseminate knowledge; and to provide world-class patient care. The University recognizes the importance of and is committed to building strong relationships with its partners and stakeholders, including University-Associated Organizations (UAOs). Because of the University’s vital interest in UAOs, it has established requirements to strengthen collaboration, recognize UAOs’ independence, achieve strategic alignment, and ensure transparency of operations.
University-Associated Organization (UAO):
An independent and separately incorporated legal entity, officially recognized by the University, subject to an executed UAO- Memorandum of Understanding (MOU), and meeting all the following criteria:
- Organized and exists under Virginia law and in good standing with the State Corporation Commission;
- Qualifies as a tax-exempt organization;
- Exists and operates for the benefit of the University or one or more of its units by providing one or more of the following support functions: fundraising, asset management, programs and services; and
- Not an agency, organization, corporation, or unit of the University or the Commonwealth of Virginia.
The University of Virginia recognizes the value and contributions of independent University-Associated Organizations (UAO). The following requirements will direct the University’s relationship with UAOs:
The Board of Visitors shall have the authority to confer or withdraw recognition of a UAO.
The University President shall have administrative authority for University-UAO relations, including the authority to enter into negotiations with an organization seeking UAO status and to execute UAO-MOUs with recognized UAOs. The President may delegate authority for UAO relations to a designated representative.
Two University representatives, one designated by the Board of Visitors and one designated by the University President, shall serve as full voting members of each UAO’s governing board.
Because each UAO is an independent entity, business transactions between the University and a UAO shall be arm’s-length and documented as appropriate.
The University and each UAO will enter into a UAO-MOU detailing common expectations and responsibilities for the University and for the UAO. In addition, the University and a UAO may enter into additional contracts and agreements to set forth specific expectations and responsibilities unique to that relationship.
Supersedes: Policy on University-Related Foundations 1992; BOV Plan for Working with University-Related Foundations October 2000; Special Committee on Foundations Final Report September 2007.