Board of Governors, APPENDIX VI, November 30, 2000
FOR APPROVAL
Recommended: That the Board of Governors approve the terms of reference of The 深夜福利站 Fund as detailed below:
The 深夜福利站 Fund
Terms of Reference
Purpose: To create an unrestricted endowment for the University, providing an ongoing ability to use annual income to respond to urgent priorities and take advantage of opportunities that will advance the University's mission. The 深夜福利站 Fund will be vital to the long-term financial health of the University.
Funding: The 深夜福利站 Fund will be funded by donations from individual alumni, students, faculty, staff and friends of the University, and corporations, foundation or other institutions that share 深夜福利站's vision of the importance of an unrestricted endowment. It is expected that The 深夜福利站 Fund will be significantly funded by deferred gifts, such as bequests.
Marketing: The 深夜福利站 Fund will be promoted to donors as the means to support in perpetuity the highest priority needs of the University, with the highest level administrative determination of the needs and oversight by the Board. Within the 深夜福利站 Fund, naming of specific donor funds will be available for gifts of $10,000 or more.
Asset Management: The assets of the 深夜福利站 Fund will be held and managed by Foundation 深夜福利站, and be invested according to the investment policies of the Foundation, as they may from time to time change.
Annual Income Allocation: Income from the endowment will be allocated annually according to the investment payout policies of Foundation 深夜福利站. Income allocation will be made upon a recommendation of the President/Vice-Presidents group to the Board of Governors of the University. The role of the Foundation 深夜福利站 Board will be, as with all other endowments held by the Foundation, to ensure that the income allocation conforms with the charitable intent of the endowment and the disbursement rules of the Canada Customs and Revenue Agency.
Reporting: An annual report on both the use of the annual income allocation and the financial status of the endowment will be prepared by the office of the Vice-President (External). The report will be presented to the Boards of the University and Foundation 深夜福利站, and sent to all donors (or heirs and assigns) that give more than $10,000 to the Fund.
Background:
Board members will recall discussion earlier this year (February 3, 2000 - BG.00-27) about the establishment of the "深夜福利站 Fund". At its last meeting, the Development and Fund Raising Committee approved terms of reference for the fund, as detailed above. Board members favored establishment of such fund for their personal giving. Once formally established by the Board, the 深夜福利站 Fund will be used to promote unrestricted endowment giving by others, and in particular, alumni of 深夜福利站.