Endowment Fund Administration and Compliance

Effective Date:  May 1, 2008

Policy Statement

It is the policy of Columbia University to adopt and adhere to standards that are designed to ensure the proper management, administration and compliance of restricted endowment principal and endowment spending accounts (referred to in this policy as "endowment funds" or "endowment accounts").  Endowment funds are an important part of the University's operations and play an integral role in helping the University achieve its goals. Endowment funds impose upon the University contractual, legal and ethical obligations, as well as financial and management reporting responsibilities (among other responsibilities). Furthermore, the proper management and administration of our endowment funds helps maintain and enhance the confidence and trust of the University's constituents (especially its donors).

Reason for the Policy
The purpose of this endowment policy is to set forth principles and procedures that are designed to ensure the University is compliant with its responsibility to properly manage and administer the its endowment funds.

Primary Guidance to Which This Policy Responds

This policy responds to the legal requirements of state and federal law; to Generally Accepted Accounting Principles; and to the specific contractual obligations of individual gift instruments.

Responsible University Office & Officer

Office of the Controller
Cheryl Ross, Controller  

Revision History

Not Applicable

Who is Governed by This Policy

This policy applies to all University employees with financial, administrative and reporting responsibility with respect to endowment funds, including the University departments that provide support with respect to endowment funds (e.g., Office of the Controller, Office of the General Counsel). 

The Office of University Development and Alumni Relations (UDAR) maintains the University's policies and procedures relating to the solicitation, acceptance and voluntary stewardship of gifts, pledges, and bequests. This policy is not meant to encompass or supersede those separate policies. In addition, this policy is not intended to cover all aspects of endowment management, administration and compliance. For example, this policy does not cover the rules and requirements relating to the financial accounting and reporting of endowment funds.

Who Should Know This Policy

• All persons governed by this Policy (see above)
• Deans, Department Chairs, Directors of Institutes, Centers, and other University units
• Departmental Administrators and other departmental staff
• All University faculty and staff with signature authority over one or more endowment accounts
• All University employees with financial, administrative and reporting responsibility with respect to endowment funds
• Office of the Controller staff
• Office of the General Counsel staff
• University Development and Alumni Relations staff

Exclusions & Special Situations

None

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