Comprehensive Standards 3.2.13:

An institution-related foundation not controlled by the institution has a contractual or other formal agreement that

The Institution Certifies Compliance: Yes

Compliance report completed by: Audit Team 12

Statement of Rationale for Judgment of Compliance:

Tennessee Board of Regents (TBR) policy 4:01:07:02 authorizes the establishment of foundations as separate, not-for-profit organizations that exist “solely to support and advance the objectives of an institution” and requires a written agreement describing the “respective responsibilities and services” of the institution and the foundation. [1] In accordance with this policy, the University of Memphis has a formal agreement with the UofM Foundation. [2] The foundation’s by-laws [3] and policies and procedures [4] further define the relationship between the foundation and the UofM.

To ensure a relationship that is consistent with the mission of the UofM, the president of the UofM is granted specific responsibilities and authority in connection with foundation operations. These responsibilities include a) the preparation of an annual budget, b) specifying how foundation funds are to be disbursed, and c) the approval or disapproval of all proposed amendments to that annual budget. As stated in the agreement between the UofM and the foundation, the UofM president serves as a member of the independent board of trustees that guides the organization. In addition, the UofM vice president for business and finance is currently a member of the board by virtue of the position. [5] Further ensuring a consistent relationship, the university’s vice president for advancement serves as the foundation’s executive director and liaison between the foundation and the UofM [6] and directly supervises the foundation’s managing director. [7]

Relevant Organizational Unit(s):

Vice President for Advancement; Managing Director Foundation

Supporting Documentation and Evidence:

[1] TBR Policy 4:01:07:02 Foundations

[2]

Agreement Between Memphis State University and Memphis State University Foundation

The UofM Foundation Charter of Incorporation, amended June 28, 1994

[3] UofM Foundation By-Laws

[4] UofM Foundation Policies and Procedures

[5] UofM Foundation Board of Trustees Membership List

[6] UofM Foundation Policies and Procedures, Section G

[7]

UofM Foundation Organization Chart

Position Description: Managing Director, UofM Foundation