BOV-020: Quasi-Endowment Transactions
Academic Division, the Medical Center, and the College at Wise.
Establishes the authority to approve individual quasi-endowment transactions.
- 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.
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.
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.
Increase in transactional approval level 12/9/22.
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