Endowment Spending Policy Updated, Revised; Now Covers Expendable Gifts

Florida’s policy on endowment spending has been completely updated and revised.

First and foremost, the policy has been expanded to also cover expendable gifts. It now also reflects the changes the university made in its conversion from Banner to Workday. It was revised with the input of key stakeholders, all of whom have arrived since the policy was last reviewed and revised: president, provost, vice president for philanthropy, general counsel and chief financial officer.

This policy is important because expendable gifts and endowed funds are an important part of Florida Tech’s operations and play an integral role in helping the university achieve its goals, noted Interim Chief Financial Officer Kathy McDermott. Additionally, reviewing and updating this policy and all of the university’s policies are an important part of preparing for SACSCOC accreditation.

Donor restrictions on gifts and endowed funds impose contractual, legal and ethical obligations upon the university, as well as financial and management reporting responsibilities. The updated policy offers a guide to help properly navigate these obligations.

Faculty and staff who may be involved in endowment spending or expendable gifts are encouraged to familiarize themselves with the updated policy.