Management Effectiveness for Budget Authorities October 30 & 31, 2007 Endowment Compliance Belinda Gill Endowment Funds Co...
What is an Endowment <ul><li>Gifts of $10,000 or more with acceptable restrictions  </li></ul><ul><ul><li>Donor & Presiden...
Facts <ul><li>Number of endowments for UT Tyler </li></ul><ul><ul><li>180 </li></ul></ul><ul><li>Market Value of UT Tyler ...
Endowments & Responsibilities <ul><li>Budget Authorities, Administrative Assistants and other delegates perform financial ...
Endowment Administration <ul><li>Account Setup  – budget, appointments  Budget Authority is set up by Budget Analyst when ...
Endowment Policy and Law <ul><li>Laws or policy regarding endowments </li></ul><ul><ul><li>Financial Management </li></ul>...
At a glance: <ul><li>YE balance should be less than 2 times the annual distribution total </li></ul><ul><li>(UTIMCO) </li>...
Resources: http:// www.utsystem.edu/ policy/resources.html <ul><li>UTS117: Endowment Compliance Plan  </li></ul><ul><li>Sy...
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Management Effectiveness for Budget Authorities

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Management Effectiveness for Budget Authorities

  1. 1. Management Effectiveness for Budget Authorities October 30 & 31, 2007 Endowment Compliance Belinda Gill Endowment Funds Compliance Assistant x5646 [email_address]
  2. 2. What is an Endowment <ul><li>Gifts of $10,000 or more with acceptable restrictions </li></ul><ul><ul><li>Donor & President signs an endowment agreement </li></ul></ul><ul><ul><li>Endowment Principal is kept in perpetuity with University of Texas Investment Management Company (UTIMCO) </li></ul></ul>
  3. 3. Facts <ul><li>Number of endowments for UT Tyler </li></ul><ul><ul><li>180 </li></ul></ul><ul><li>Market Value of UT Tyler endowments </li></ul><ul><ul><li>$65,583,896 </li></ul></ul><ul><li>Distributions to UT Tyler for use in FY 2006-2007: </li></ul><ul><ul><li>$2,446,770 </li></ul></ul><ul><li>Amount reinvested during 2006-2007: </li></ul><ul><ul><li>$99,234 </li></ul></ul>
  4. 4. Endowments & Responsibilities <ul><li>Budget Authorities, Administrative Assistants and other delegates perform financial management in DEFINE </li></ul><ul><ul><li>A narrative report outlines the stewardship of funds </li></ul></ul><ul><li>Jerre Iversen, Vice President for University Advancement </li></ul><ul><ul><li>Endowment Compliance Executive </li></ul></ul><ul><li>President Mabry and Jerre Iversen sign endowment agreements with the donors on behalf of UT Tyler </li></ul>
  5. 5. Endowment Administration <ul><li>Account Setup – budget, appointments Budget Authority is set up by Budget Analyst when gift is received. </li></ul><ul><li>Guidelines criteria and requirements </li></ul><ul><ul><li>Detailed on the endowment, but may be supplemented by additional requirements through the V.P. of Academic Affairs or the Financial Aid Office </li></ul></ul><ul><li>Financial Management – daily operations, reconciliation and reporting </li></ul>
  6. 6. Endowment Policy and Law <ul><li>Laws or policy regarding endowments </li></ul><ul><ul><li>Financial Management </li></ul></ul><ul><ul><ul><li>Documentation in DEFINE </li></ul></ul></ul><ul><ul><ul><ul><li>Proper record keeping </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Reconciliation of Accounts </li></ul></ul></ul></ul><ul><ul><li>Adherence to criteria for use of endowment funds </li></ul></ul><ul><ul><li>UT System Guidelines </li></ul></ul><ul><ul><ul><li>Use the funds provided </li></ul></ul></ul><ul><ul><ul><li>Year End balance less than 2 times Annual Distribution </li></ul></ul></ul><ul><ul><ul><li>Fill the endowed faculty positions </li></ul></ul></ul><ul><li>Training – as needed </li></ul><ul><li>Reporting </li></ul><ul><ul><li>To donors </li></ul></ul><ul><ul><li>UT Tyler </li></ul></ul><ul><ul><li>UT System </li></ul></ul><ul><li>Year-End balances/spending, forfeiture of funds, reinvestment </li></ul>
  7. 7. At a glance: <ul><li>YE balance should be less than 2 times the annual distribution total </li></ul><ul><li>(UTIMCO) </li></ul><ul><li>Adherence to endowment criteria </li></ul><ul><li>and other UT Tyler, UT System, State and Federal policy and law </li></ul><ul><li>Use the funds annually </li></ul><ul><li>Fill the academic positions </li></ul><ul><li>No commingling of funds </li></ul>
  8. 8. Resources: http:// www.utsystem.edu/ policy/resources.html <ul><li>UTS117: Endowment Compliance Plan </li></ul><ul><li>System-Wide Standards and Guidelines </li></ul><ul><li>UTS138: Gift Acceptance Procedures </li></ul><ul><li>http://www.utsystem.edu/policy/ov/uts138.html </li></ul><ul><li>Regents Rules and Regulations: </li></ul><ul><li>http://www.utsystem.edu/bor/rules.htm#A7 </li></ul><ul><li>Texas Education Code </li></ul><ul><li>http://tlo2.tlc.state.tx.us/statutes/ed.toc.htm </li></ul>
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