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Policies & Procedures

Texas State University-San Marcos Development Foundation
STATEMENT OF POLICY REGARDING UPMIFA & FAS 117-1

INTRODUCTION AND PURPOSE

The policy that follows is pursuant to the enactment of the Uniform Prudent Management of Funds Act of 2006 (UPMIFA) and FASB 117-1 Endowments of Not-For Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Disclosures for All Funds.

Texas UPMIFA Statute

National UPMIFA Act

FASB Staff Position No. FAS 117-1

This Statement of Investment Policy is set forth to clarify and summarize the organization's policies relating to UPMIFA and FAS 117-1

CLASSIFICATION OF NET ASSETS IN ENDOWMENT FUNDS

Permanently restricted net assets. The Board of Directors definitively upholds the historical dollar floor in cases where the donor is vague or ambiguous. However, in times where inflation damages the purchasing power of the endowments, the Board of Directors reserves the right to apply an inflationary factor to the earnings for the year to each endowment and add those earnings to the permanently restricted amount.

Temporarily restricted net assets. For each donor-restricted endowment fund, the Foundation will classify the portion of the fund that is not classified as permanently restricted net assets as temporarily restricted net assets until appropriated for expenditure by the organization.

OTHER POLICIES RELATED TO UPMIFA AND FAS 117-1

01.0      THE MISSION
02.0      LEGAL
03.0      GIFT ACCEPTANCE
04.0      ESTABLISHING A NEW ACCOUNT
05.0      RECEIVING, ACKNOWLEDGING AND RECEIPTING GIFTS
06.0      FEES CHARGED TO ENDOWED ACCOUNTS
07.0      SPENDING POLICY
08.0      OBTAINING FUNDS FROM NON-SCHOLARSHIP ACCOUNTS
09.0      SCHOLARSHIP DISBURSEMENTS        
10.0      INVESTMENT POLICY
11.0      ALLOCATION OF INCOME                                                       12.0      CONFLICT OF INTEREST