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University of Florida Foundation

University of Florida Foundation. David Christie, CPA, CGMA, CITP Controller, UF Foundation dchristie@uff.ufl.edu 392-5475. Agenda. About UF Foundation How to (website, forms, policies) Gifts Received FAS Overview Endowment Basics UFICO Investments. About Us.

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University of Florida Foundation

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  1. University of Florida Foundation David Christie, CPA, CGMA, CITP Controller, UF Foundation dchristie@uff.ufl.edu 392-5475

  2. Agenda • About UF Foundation • How to (website, forms, policies) • Gifts Received • FAS Overview • Endowment Basics • UFICO • Investments

  3. About Us • Mission: raise/manage private donations for UF • Fundraising, Fund Management, Alumni Affairs • UF Foundation/ODAA • 501(c)3 not-for-profit, DSO of UF • Gifts - cash, securities, real property, art work, etc… • Issue gift receipts • Maintain UF external constituents database • Donors, gifts, prospects, etc. • $1.389B Endowment as of September 30, 2013

  4. Return on Investment (FY 2013)

  5. www.uff.ufl.edu • The Foundation (About us) • Financials (Endowment and Assets, Investment Returns, UFICO) • Forms & Documents (Policies for Fundraising and source of fund management, Forms for transacting business with the UF Foundation)

  6. Forms & Documents

  7. Contact Information by Department

  8. Expenditures - Professorships and Chairs • Policy 5.11 • Until fully endowed, cannot be awarded. • Until filled, spendable income may only be spent on recruitment. • Once filled, spendable dollars may be used for salary, or a salary supplement: • for the holder and for those individuals directly associated with the holder’s scholarly work.

  9. Expenditures - Professorships and Chairs (cont.) • Spendable income may also be used, for example, to: • recruit a professor • renovate office or laboratory • pay for his or her travel, subscriptions, equipment, or secretary • support graduate students working directly with holder • make grants to other faculty members for scholarly work directly associated with the holder’s scholarly work. • If the dean determines there are adequate funds, with written permission from Provost, a professorship may have multiple occupants, provided it is not prohibited by the gift agreement.

  10. Gifts Received • Unique Source of Funds (SOF) for most gifts • Track revenues/expenditures for each SOF • Each SOF assigned a fund administrator • Responsible for compliance with donor restrictions • Determined by Dean or VP • Total Commitments, VSE, GAAP • VSE = Voluntary Support of Education

  11. Foundation Accounting System (FAS) • Purpose is to make information accessible to fund administrators and other users • Unique Source of funds for gifts • Fund balance, gifts, expenditures, etc. • Confidential and not for public use (Policy 1.03, FL Statute 1004.28) • Donor Restrictions (Long Description, Detail Purpose, Restrictions)

  12. FAS Log-in • https://fasweb.uff.ufl.edu/FAS/login_prompt.asp • Link from Business Center log-in screen

  13. FAS Reports • Fund Listing - Listing of accessible funds. • Fund Detail - Detail fund information for a specified fund. • Available Balance - Amount available to spend from a fund. • Balance Sheet - Displays assets, liabilities, and fund balance for a fund through a specified period. • Income Statement - Displays fund revenues and expenses within a range of specified periods for a fiscal year. • Year to Date Trial Balance - List of all accounts and balances for a fund through a specified period. • Endowment Summary - Displays summaries, through a specified period, of both the endowment principal and spendable funds, balance sheet, income statement, spending base, estimated annual transfers, and available balance.

  14. Endowment Spending Policy • Policy is set by the Finance Committee • Two funds are created for a new endowment • Principal Fund • Gift proceeds • Investment earnings distributions • Provides quarterly transfer to Spendable Fund • Spendable Fund • Receives the quarterly transfers from Principal Fund • Pays 2.5% UFF gift fee

  15. Endowment Spending Policy (cont.) • Spending Rate • 4% annually of Spending Base: Endowment Purpose • 1.2% annually of Spending Base: UFF Overhead Fee • Spending base is maintained at a ratio of between 85% and 95% of market value • Goal is to provide stable income stream • Spending base is adjusted if the ratio falls outside the 85 – 95% range • Evaluated quarterly

  16. UFICO • University of Florida Investment Corporation (UFICO) • DSO Created by Board of Trustees July 1, 2004 • Oversee UFF Investments, other DSO’s • UFICO Board • Provide counsel to Board of Trustees • Oversight of all UFF Investments • Approve broad asset allocations, policy • Review/approve portfolio changes

  17. Endowment Investments • Target return after inflation 5.2%, preserve purchasing power • Over 2,800 endowments pooled together • Investment Schedule

  18. Non-endowed Options • Cash – no risk, no returns, no fees (default) • Moderate Pool – target return of 1.6%, 6 month lock-in, $50K min. initial investment, $5K min. subsequent • Long-term Pool – target return of 6% to 8%, 12 month lock-in, $50K min. initial investment, $5K min. subsequent

  19. Spending Base Example

  20. Questions? David Christie, CPA, CGMA, CITP Controller, UF Foundation dchristie@uff.ufl.edu 392-5475

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