Current through all regulations passed and filed through September 16, 2024
(A) Policy statement. In order to assist in
the mission of the university, the board of trustees authorizes the Youngstown
state university foundation ("YSU foundation") to accept, manage, and invest
philanthropic gifts on behalf of the university in accordance with this policy
and all applicable laws and agreements between the university and the YSU
foundation.
(B) Purpose. To
establish guidelines for the acceptance and management of endowed philanthropic
gifts to the university.
(C) Scope.
This policy applies to all philanthropic endowed gifts made to benefit the
university, whether restricted or unrestricted.
(D) Parameters.
(1) Those endowments recorded in the
financial records of the university up to the date of December 16, 2014 shall
be managed and invested pursuant to the university board of
trustees' policies.
(2) Donor intent shall be respected and
complied with at all times to the extent permissible under applicable tax
laws.
(E) Procedures.
(1) All philanthropic endowed gifts, whether
restricted or unrestricted, for an endowment not recorded in the financial
records of the university as of December 16, 2014, shall be deposited with the
YSU foundation to be managed by the foundation, unless specific donor intent
demonstrates that the gift is to be given to the university for a restricted or
unrestricted purpose.
(2) Additions
to any endowment recorded in the financial records of the university as of
December 16, 2014 shall be deposited with the university, unless specific donor
intent demonstrates that the gift is to be given to the YSU
foundation.
(3) Those philanthropic
endowed funds which are under university management and unless otherwise
provided by a donor will operate in accordance with rule
3356-3-10
of the Administrative Code with regard to investment of endowment or
non-endowment funds.
(4)
Any actions taken pursuant to this policy will be
reported to the board of trustees at its meeting as close in time as possible
to when the action is taken.
