BOV-020: Quasi-Endowment Transactions

Date: 09/20/1996 Status: Final

Last Revised: 12/09/2022

Policy Type: Board of Visitors

Contact Office: Executive Vice President and Chief Operating Officer (Office of the)

Oversight Executive: Executive Vice President and Chief Operating Officer

Applies To:

Academic Division, the Medical Center, and the College at Wise.

Table of Contents:

Policy Statement

Reason for Policy:

Establishes the authority to approve individual quasi-endowment transactions.

Definition of Terms in Statement:

Quasi Endowment:Funds established to function like an endowment, but which may be expended at the discretion of the entity’s governing board. The principal is typically preserved while expenditures to support the purpose may be made from quasi endowment distributions. Distributions are determined in accordance with the entity’s spending policy.

Policy Statement:

RESOLVED, the Board of Visitors delegates authority to the Executive Vice President and Chief Operating Officer to approve individual quasi-endowment transactions, including establishments and divestments that are less than $5M; and

RESOLVED FURTHER, the University shall continue to report all quasi-endowment actions under the delegated level in its Quarterly Financial Report.

FIN-026: Creating and Managing Quasi Endowment Accounts

Policy Background:

I.D. Quasi-Endowment Policy, BOV Finance Committee dated December 9, 2022, pg. 15.

Quasi-Endowment Transactions, BOV Executive Committee Minutes dated September 20, 1996. Reported to the Board at its November 8, 1996 Meeting, pg. 5216.

Major Category:

Board of Visitors

Category Cross Reference:

Finance and Business Operations

Approved By, Date:

Board of Visitors, 09/20/1996

Revision History:

Increase in transactional approval level 12/9/22.

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