Board of Governors - APPENDIX II - March 30, 2000
Recommended: That the Board approved policy of a 1% levy on endowed funds and a 5% levy on income tax receiptable gifts to the University continue post-Campaign [there was no end date on the Board policy];
That the first call on all levy and interest revenue will be to pay off the accumulated deficit, as per the Board approved and this revised financing plan;
That, after the deficit is repaid, the first $1 million of levy funds generated each year (our model projects $2 million of revenue annually) will be added to the existing Alumni Relations & Development Office budget to sustain fund raising activity. The second $1 million generated will be "returned" to the general operating budget of the University, offsetting existing base budget dollar allocations to the Department. In essence, the levy will be used to sustain development activity while removing it from the base budget of the University;
That any revenue in excess of $2 million be allocated evenly between the Department of Alumni Relations & Development and the University's operating budget (allowing for any inflation and other increases in costs), upon the recommendation of the President to the Board;
That all interest on campaign fund balances as they are accumulated before projects are funded accrues to the Campaign;
That the Board approve an increase in approved campaign expenditures over the duration of the Campaign of $2 million, from $11.6 million to $13.6 million.
See the memorandum from Ted Garrard to the Property & Finance Committee, March 10,2000, attached as Annex 1.
See Annex 2.
See Annex 3.
See Annex 4.
See Annex 5.
See Annex 6.
See Annex 7.