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JAMES MADISON UNIVERSITY FOUNDATION

POLICIES AND PROCEDURES

 

OPERATING AGREEMENT WITH JAMES MADISON UNIVERSITY

 

 

POLICY # I 101

 

APPROVED: January 27, 1999

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POLICY:

WHEREAS THE JAMES MADISON UNIVERSITY FOUNDATION IS ORGANIZED UNDER THE LAWS OF THE COMMONWEALTH OF VIRGINIA AS A NOT-FOR PROFIT CORPORATION; AND WHEREAS THE JAMES MADISON UNIVERSITY FOUNDATION IS CONSTITUTED SO AS TO ATTRACT SUPPORT FROM CONTRIBUTIONS, EITHER DIRECTLY OR INDIRECTLY, AND WHEREAS THE JAMES MADISON UNIVERSITY FOUNDATION OPERATES FOR THE PURPOSE OF PROMOTING THE WELFARE, EFFICIENCY, SERVICE TO THE PUBLIC, AND OBJECTIVES OF JAMES MADISON UNIVERSITY AND TO ENCOURAGE PRIVATE GIFTS OF MONEY, SECURITIES, LAND, OR OTHER PROPERTY OF WHATEVER CHARACTER FOR SUCH PURPOSES, AND TO THAT END TO TAKE, HOLD, AND RECEIVE AND ENJOY ANY GIFT, GRANT, DEVISE, OR BEQUEST, FOR THE BENEFIT OF JAMES MADISON UNIVERSITY, IN THE MANNER DESIGNATED, FOR THE GENERAL PURPOSES AND IMPROVEMENT OF JAMES MADISON UNIVERSITY, AND TO ACCEPT, EXECUTE, AND ADMINISTER ANY TRUST IN WHICH IT MAY HAVE AN INTEREST UNDER THE TERMS CREATING THE TRUST; NOW, THEREFORE, IN CONSIDERATION OF THESE PREMISES, THE POLICY OF JAMES MADISON UNIVERSITY AND THE ARTICLES OF INCORPORATION OF THE JAMES MADISON UNIVERSITY FOUNDATION, THE VISITORS OF JAMES MADISON UNIVERSITY AND THE JAMES MADISON UNIVERSITY FOUNDATION, INC. ENTER INTO AGREEMENT AS FOLLOWS:

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I 101-1

 

1.  The James Madison University Visitors designate the James Madison University Foundation to receive, acknowledge, and manage all gifts to the University.

 

2.  The Visitors of James Madison University grant the James Madison University Foundation the use of the name, James Madison University Foundation, Inc., but the Foundation shall operate under its own seal and logotype, and shall not use the seal of the University in the promotion of its business and activities.

 

3.  In the event that the Foundation ceases to operate for any reason, all of the Foundation's assets shall accrue to the University for its exclusive purposes.

 

4.  Any gift, grant, devise or bequest received by the Foundation, the income of which has not been designated by the donor for a specific purpose, may be commingled by the Foundation, for investment purposes, with funds designated for specific purposes.

 

5.  In view of Foundation needs that may be readily met by the University through the use of its trained personnel and available facilities, the University agrees during the term of this agreement to do the following;

a. Provide at nominal rates technology support service as well as online access to such University files as are relevant to the business and purpose of the Foundation; and

b. Provide at nominal rates access to the University's auxiliary services including graphics, mail service, event scheduling, and related activities.

 

6.  During the term of this agreement, the Foundation, as independent contractor, and not as an agent of the University, shall;

a. Make distribution from designated endowment funds to appropriate departments of the University for dispensation; and

b. Distribute current expenditure funds on behalf of university departments; and

c. Act as repository for all current and future endowment gifts to the University, unless the donor specifies otherwise.  The management of these funds, including investment and payout rates, is the prerogative of the Foundation Board of Directors

 

7.  The University is not liable, and will not be held out as liable, for any of the Foundation's contracts, torts, or other act or omissions, or those of the Foundation's directors, officers, staff, or activity participants.

 

8.  The Foundation will report to the University any changes in board membership, mission, or purpose.

 

9.  The Foundation will make available to the University a copy of it's auditor's report and IRS Form 990.

 

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Rector, James Madison University                President, James Madison University

 

 

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Chairman, James Madison University         President, James Madison University

Foundation                                                    Foundation