University of Virginia Library

A. STRUCTURAL GUIDELINES

1. A University-related foundation[1] (Foundation) is an organization that is created and operated exclusively to benefit the University or one or more of the University's schools or departments. A Foundation as defined for purposes of these Guidelines is one which uses the University's name, consumes University resources, occupies University space, or enters into transactions with the University which require the concurrence of the University. A Foundation has as its purpose one or more of the following:

• a. To facilitate fund raising programs and contributions from private sources for the benefit of the University or one or more of its schools or departments;
• b. To manage and invest private gifts and/or property for the benefit of the University or one or more of its schools or departments; or
• c. To promote, sponsor, and complement educational, scientific, research, charitable, or cultural activities for the benefit of the University or one or more of its schools or departments.

2. Foundations may be created only with the approval of the Board of Visitors after a review of the purpose of the Foundation, its proposed organizational format, and the scope of its activities.[2]

3. Each Foundation should select a representative of the Board of Visitors, or a senior administrator of the University designated by the Board of Visitors from the areas supported by the Foundation, to serve on the Foundation's governing board.

4. Each Foundation should establish an Audit Committee to report to the board of the Foundation.

5. Each Foundation's charter and by-laws should provide that in the event of dissolution of the Foundation, the Foundation's assets will be distributed in the best interest of the University and, if applicable, the school or department within the University that the Foundation was created to support.