The foundation board is responsible for managing its financial resources, including authorizing fund raising strategies, budgeting the use of funds, and establishing investment policies. The chancellor and each college or university president may contract with a foundation whose primary purpose is to support the college, university or system. The college, university or system may agree to provide administrative support to the foundation. The contract must require that, in return for administrative support, the foundation will contribute to the system, college, or university an amount equal to or more than the value of the administrative support provided by the system, college, or university to the foundation. The term of the contract shall not exceed three years and may be renewed at the chancellor's or a college or university president's discretion.
Contracts are subject to review and approval by the system office.
Copies of contracts shall be kept on file in the system office. Subpart D. Contracts shall provide that the Office of the Legislative Auditor and MnSCU shall have complete access to the financial records of the foundation. Subpart E. Contracts shall require that the foundation annually provide to the college or university and the system office a copy of its most recent financial report filed with the attorney general pursuant to Minn. Stat.