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  • Approve the foundation’s statements of vision, mission and values.
  • Align the foundation’s efforts with the strategic interests and priorities of James Madison University and promote a strong and healthy partnership.
  • Establish a strategic plan for the foundation and approve goals and monitor progress in support of the plan.
  • Hire, support and evaluate the president annually.
  • Approve major operating policies for the effective management of the foundation.
  • Support the university’s solicitation, stewardship and development efforts as approved by the university’s president and/or vice president for University Advancement on behalf of the university president.
  • Champion the growth of the endowment.
  • Purchase, develop, manage and sell real estate in support of the university, either to address the university’s property requirements or to generate revenue in support of the university.
  • Ensure the foundation’s fiscal integrity through financial oversight of the foundation’s budget and expenditures, as well as its investment policies designed to grow foundation assets within acceptable margins of risk.
  • Review and approve the annual budget.
  • Approve a sustainable funding model for foundation operations. i.e., fees, unrestricted gifts, licensing and etc.
  • Approve an endowment investment and spending policy and oversee its execution, costs and performance. Establish metrics to assess portfolio performance, risk and liquidity.
  • Operate in compliance with all relevant laws, rules, regulations, and standards for ethical practices.
  • Advocate publicly for the university.
  • Assess periodically the board’s performance and that of its committees and members.
  • Protect donor rights and gift intentions.
  • Release an annual report of activities.

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