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Board reviews first readings of foundation reporting and local advisory committee policy changes
Summary
The Board received first readings of proposed amendments to Policy 8.3 (college and university related foundations) and technical edits to Policy 8.5 (local advisory committees). Changes to 8.3 include a $750,000 revenue threshold and alternative reporting options for smaller foundations; no votes were taken.
The Minnesota State Board of Trustees reviewed first readings on two policy amendments related to campus foundations and advisory committees at Monday’s meeting.
Jen Daubessy, who led the staff team drafting the changes, outlined proposed amendments to Policy 8.3, College and University Related Foundations, and said the revisions were the result of a year-long consultation with foundation directors, the finance division, internal audit and campus presidents. "The key points of the proposed policy amendment added descriptions that further define the work of advancement and include the terms development and stewardship," she said.
A major change in the draft is a revised reporting regime…
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