All funds of the University of Minnesota Foundation are subject to the provisions of the foundation’s governing documents relating to gift acceptance and administration, and the foundation has exclusive control over all funds contributed to the foundation. The foundation has the exclusive right to manage and invest all of its assets, including the prudent management of all gifts consistent with donor intent.
The foundation has established gift-management and acceptance policies. Gifts, grants or contracts that include financial or contractual obligations of the University must be approved by the applicable University entity, campus or program designated, in accordance with University policies. The foundation and the University coordinate their activities to ensure that grants and contracts that are not gifts (e.g., a sponsored research project) are processed appropriately by the University.
The foundation’s governing documents include a provision that allows the Board of Trustees, a designated Committee of the Board, or authorized foundation officer to modify or release restrictions or conditions on charitable funds held by the foundation upon determination that such restriction or condition has become unlawful, impracticable, inexpedient, impossible, wasteful, or incapable of fulfillment. The Board of Trustees or persons delegated by the board will exercise these powers in consultation with the donor(s) when feasible, in a manner to achieve as closely as possible the donor’s original intent, and in the best interests of the foundation.