Operating Procedures - Part 6: Administrative Policies- Part 18

18. Reinvestment of Endowment Income

All endowment gifts given to The University of Texas of the Permian Basin will be accepted in accordance with The U. T. System Gift Policy Guidelines.

18.1 Administrative Policy

A written donative instrument will be obtained for each new endowment fund established. This instrument will preferably include language encouraged in the Gifts to Establish Endowments section of the Gifts Policy Guidelines

18.11 Guidelines

18.111 These funds shall never become a part of the Permanent University Fund or the general funds.

18.112 Any person of entity may make additions to the endowment provided that the additions are made subject to the provisions of the donative instrument.

18.113 If, in the opinion of the board of Regents, future circumstances change so that the purpose for which the endowment is established become illegal, impractical or no longer able to be carried out to meet the needs of U. T. Permian Basic, the Board may designate an alternative use for the endowment payout to further the objectives and purposes of the institution, gibing consideration to the donors' special interest as evidenced by the original purpose of the endowment.

In cases where no donative instrument is obtained, the solicitation letter or document sent to the donor or donor(s) may be used as evidence of donative intent and purposes. Should the donor request or require that the donative instrument be signed by a representative of the Board (or anyone connected with the component or The System), the document may be signed by the Vice Chancellor for Development and External Relations or his/her designee(s) only after acceptance of the endowment as provided in these guidelines. As a practical matter, the donated assets may be delivered to the U.T. System for custody and investment pending acceptance.

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