2.0 Core Requirements
3.0 Comprehensive Standards
4.0 Federal Requirements
|3.2.13 Institution-Related Foundations|
|Thursday, 03 September 2009 13:26|
Any institution-related foundation not controlled by the institution has a contractual or other formal agreement that (1) accurately describes the relationship between the institution and the foundation and (2) describes any liability associated with that relationship. In all cases, the institution ensures that the relationship is consistent with its mission.
Responsible Unit: Division of Development and University Relations
The NCA&T Foundation was organized and incorporated in 1946 for the purpose of stimulating voluntary private support from alumni, friends, corporations and others to benefit the university. According to the articles of incorporation, it is registered as an independent not-for-profit organization under the Internal Revenue Code Section 501 (c) (3) that is related to the university, but not controlled by the university. In 2005, the foundation entered into an agreement (Memorandum of Understanding) with the university to put in place policies and procedures that would better coordinate the foundation's activities . The agreement dealt with the university's relationship with the foundation, the foundation's responsibilities, and the foundation's funding and administration. In all cases the university made sure that there was no financial liability with the foundation and that the relationship was consistent with its mission .
The university recently completed a strategic visioning exercise, which positioned it as a premier interdisciplinary learner-centered university. In the process the mission statement was revised to reflect the new vision by stating that the university will produce students with not only essential knowledge, but also with connections across disciplines and with the ability to apply knowledge to life beyond the classroom  Specifically, with regards to the foundation, the goal is to "enhance and diversify the university's resource base through effective fund-raising and entrepreneurial initiatives, thus making the university less vulnerable to fluctuations in state assistance." .
The foundation is dedicated to promoting the growth, progress, and general welfare of the university, by receiving and administering gifts and donations for the benefit of the university . The foundation is responsible for managing these resources through investments and other entrepreneurial activities e.g. partnering with the university on business ventures to better enable the foundation to provide scholarship support and to address the long-term academic and other priorities of the university.
The main responsibilities of the foundation are (a) Fund-raising--creating an environment conducive to increasing levels of private support for the mission and priorities of the university; (b) Asset Management--establish asset management, disbursements, and spending policies that adhere to federal and state laws; (c) Institutional Flexibility--serve as an instrument of entrepreneurial activities for the university and engage in such activities as purchasing, developing and managing real estate for university expansion, student housing, and retirement community, for example, the foundation at present owns and operates student housing; (d) Transfer of Funds--serves as the primary depository of private gifts and transfers funds to the designated entity within the institution in compliance with applicable laws, university policies, and gift agreements .
A list of the board members and the foundation's most recent financial statement for 2007 compared to 2006 are provided as evidence of the foundations' activities in support of the university's mission .
|Last Updated ( Monday, 08 February 2010 15:35 )|