Ohio Administrative Code › Title 3352 - Wright State University › Chapter 3352-7 - Administration Generally › Section 3352-7-23 - Quasi-endowment fund

Current through all regulations passed and filed through July 1, 2024
(A)
								General policy. To help support Wright state
			 university's continuing efforts to achieve its mission, external donors may
			 provide gifts to the university. The donor may impose no restrictions on the
			 gift whereby the gift may be used for any university purpose (an unrestricted
			 gift), or the donor may restrict the gift to be used only for a specific
			 department, activity, or project (a restricted gift). One method of giving is
			 to establish an endowment, which is a gift whereby the donor stipulates, as a
			 condition of the gift, that the principal be maintained for a specified period
			 of time or until an event occurs or that the principal be maintained in
			 perpetuity. The funds are invested for the purpose of producing present and
			 future income which may either be expended currently or added to the principal.
			 The wright state university foundation incorporated has the responsibility to
			 receive gifts and maintain accountability for them.
(B)
								Quasi-endowment
			 funds.
(1)
									Explanation. Wright state university may make internal
			 decisions to allocate and designate funds as quasi-endowment funds, in order to
			 achieve the institution's initiatives and to serve the needs of its students. a
			 quasi-endowment fund functions in the same manner as an endowment fund except
			 that a quasi-endowment is created by the university rather than by an external
			 donor. Therefore, it is the discretion of the board of trustees of Wright state
			 university to expend the principal of a quasi-endowment or to continue the
			 existence of a quasi-endowment.
(2)
									Maintenance.
			 Quasi-endowments are to be maintained within the university and are to be
			 maintained separately from wright state university foundation accounts which
			 are funded by external gifts only. The following procedures govern
			 establishment, maintenance, and termination of a quasi-endowment fund.
(a)
										Creation of a
			 quasi-endowment fund may be recommended by a university unit to the provost or
			 appropriate vice president. The provost or appropriate vice president will then
			 submit the recommendation to the president's cabinet for approval. Once
			 approved by the president's cabinet, the recommendation for a quasi-endowment
			 fund will be submitted to the finance and audit committee of the board of
			 trustees of the university and ultimately to the full board of trustees for
			 approval.
(b)
										The submitting unit must include as part of a
			 recommendation a description of the quasi-endowment, including the purpose of
			 the fund, how it relates to the university's mission, and an identification of
			 the source of funds for establishing the quasi-endowment. The funds for
			 establishing the quasi-endowment are to be cash balances and not base budgets.
			 The minimum amount necessary to establish a quasi-endowment fund is fifty
			 thousand dollars.
(c)
										The quasi-endowment will be accounted for in the
			 university's endowment fund and accordingly be subject to the disbursement
			 policies and investment guidelines in place for those funds. In addition, no
			 endowment principal may be expended without approval by the board of trustees
			 of the university.
(d)
										Establishment of a quasi-endowment will be considered
			 permanent. Therefore, a request to terminate or discontinue a quasi-endowment
			 and a subsequent transfer of funds to general university funds is subject to
			 the same approval process described in paragraph (B)(2)(a) of this rule,
			 including approval by the board of trustees of the university.
Replaces: 3352-7-23