University of Virginia Library

APPROVAL OF THE POLICY ON UNIVERSITY-RELATED FOUNDATIONS

(Messrs. Mortimer M. Caplin and Leigh B. Middleditch, Jr. abstained from voting.)

The following resolution was adopted:

• WHEREAS, by prior resolution adopted on May 23, 1992, the Board of Visitors recognized the need to re-examine and to reinforce, where appropriate, the University policies governing University-related foundations, as currently embodied in the "Management Principles for Relationships With University-Related Foundations," the accompanying "Guidelines for University-Related Foundations," and the related standard "Foundation Agreement";
• WHEREAS, as the Board of Visitors so directed, the Senior Vice President and Chief Financial Officer completed a thorough review of such policies with the assistance of appropriate University offices, prepared a revised policy that addresses the concerns and accommodates the objectives the Board set forth in its May 23, 1992 resolution, and solicited the comments of the various foundations regarding the proposed policy revisions; and
• WHEREAS, the Board of Visitors finds that the proposed "Policy on University-Related Foundations" is appropriately designed to ensure efficiency and accountability among, and maintain independence and integrity within, all University foundations that are established and operated for the University's benefit and that use the University's name and resources;
• NOW THEREFORE BE IT RESOLVED that, based upon the expressed and implied powers of the Board of Visitors to protect and preserve the University's interests and properties, the "Policy on University-Related Foundations," attached hereto, be and hereby is approved;
• NOW THEREFORE BE IT FURTHER RESOLVED that the President be and hereby is delegated the authority (1) to designate administrative responsibility to ensure sufficient University monitoring of the foundations' compliance with the Policy; (2) to adjust the sequence or substance of specific reporting requirements in order to minimize any undue burden on, or otherwise to accommodate the unique circumstances of, particular foundations; and (3) to prevail upon the governing boards of foundations to take prompt action to correct any abuses that adversely affect the foundations or the University;
• NOW THEREFORE BE IT FURTHER RESOLVED that the previously adopted "Management Principles for Relationships with University-Related Foundations," the "Guidelines for University-Related Foundations," and the standard "Foundation Agreement" shall be replaced by the attached "Policy on University-Related Foundations" on January 1, 1993, when such superseding Policy shall take effect.