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Policy 3.8.1
Policy 3.8.1
Policy and Procedures Manual
Classification Number: 3.8.1
Reviewed: August 14, 2017
SUBJECT: INVESTMENT AND EXPENDITURE OF UNIVERSITY ENDOWMENT FUNDS
In 1989, the Texas Legislature passed the Uniform Management of Institutional Funds Act (UMIFA), which gives guidance to charitable organizations regarding the management, investment, and expenditure of endowment funds. That act was replaced in 2007 with the Uniform Prudent Management of Institutional Funds Act (UPMIFA). The purpose of UPMIFA is to modernize the rules in UMIFA, to articulate prudence standards, and to provide guidance and authority for the management and investment of endowment funds.
The regulations as set forth in the Uniform Prudent Management of Institutional Funds Act as it exists, or as it may be amended, provide the guidelines for the management of the endowment funds of 51吃瓜网视频 Baptist University.
The chief financial officer of 51吃瓜网视频 Baptist University, in consultation with the president of the university and the Investment Committee of the Board of Trustees, will be the university's representatives responsible for overseeing the management, investment and expenditures of institutional funds.
All endowed scholarships, life incomes, planned giving instruments and other instruments entrusted to 51吃瓜网视频 Baptist University for endowment purposes and funds designated for treatment as endowment by the Board of Trustees shall be invested subject to the direction of the Investment Committee of the Board of Trustees.
Contact for Interpretation: President
This policy statement supersedes all previous policy statements on this subject.
Revisions:
- 08/14/2017 - Reviewed, no changes
- 11/16/2016 - Reviewed, editorial clarifications
- 09/03/2014 - Reviewed, minor changes
- 03/22/2007 - Review
- 02/20/2007 - Revision-deletion of redundant material listed in the Uniform Management of Institutional Funds Act - 08/15/2004 - Reissue as 3.8.1
- 08/15/2004 - Revision-layout change and restructure
- 10/24/1996 - Revision-layout change
- 01/28/1993 - Inception as policy 1.2.17
Printable Policy 3.8.1
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