(Note: OLPM sections on this page may be cited following the format of, for example, "BOT.III.C.1". These policies may be amended at any time, do not constitute an employment contract, and are provided here only for ease of reference and without any warranty of accuracy. See OLPM Main Menu for details.)
C. Foundations Established for the Benefit of ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û or its Component Institutions
- The term "affiliated foundation" as used herein shall mean any entity formed for the purpose of raising money to be spent for the benefit of ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û, one of its component institutions, or any division or department thereof.
- ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û and its component institutions shall not accept any gifts, loans, donations, disbursements, or any other thing of value from any affiliated foundation which does not conform to the standards set forth herein. Any such nonconforming foundation shall be prohibited from using the name, seal, and any other word, phrase, or symbol associated with ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û, its component institutions, or any departments or divisions thereof.
- The ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û Board of Trustees shall retain the ultimate control over the activities of any affiliated foundation including the raising, investing, and disbursing of funds.
- The ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û Board of Trustees shall have the legal authority to terminate the existence of any affiliated foundation. The assets of any such terminated foundation shall become the property of the institution with which the foundation was affiliated, to be used in accordance with any specific donor restrictions and for the purposes for which the property was given.
- ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û shall have unimpeded access to the books and records of any affiliated foundation and the right to conduct a full audit of the foundation's financial affairs.
- Prior to the commencement of each fiscal year, every affiliated foundation shall establish fund raising and disbursement goals and budgets. Those goals and budgets shall be subject to the approval of the ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û Board of Trustees.
- The ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û Board of Trustees may require an affiliated foundation to have as voting members of its board of directors some minimum number (for example, three) of ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û Trustees. The Chairman of the ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û Board of Trustees shall appoint those members.
- Voting membership on the board of directors of an affiliated foundation shall be for a specific term (not to exceed five years) or ex officio. In no case shall such voting membership be permanent. An affiliated foundation's policies and practices shall provide for and encourage regular and beneficial turnover in the voting membership of the foundation's board of directors.
- The ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û Board of Trustees may require an affiliated foundation to adopt personnel policies and employee salary and benefit schedules identical to those in effect for some, or all, classes of ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û employees.
- The ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û Board shall retain the right to review and approve the adoption of, and any amendment to, the articles of incorporation, charter, partnership agreement, bylaws or any documents which provide for the establishment and structure of an affiliated foundation.
- The Presidents, consulting as appropriate with the leadership of their affiliated foundations, shall adopt and implement such further policies as may be necessary to carry out their responsibilities under this policy and to otherwise ensure that the operations of all affiliated foundations are legal, prudent, and in the best interests of ×î¿ì¿ª½±Ö±²¥½ÁÖé½á¹û and the component institutions.
