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Intro to UF Foundation University of Florida Foundation David Christie, CPA, CGMA, CITP Controller, UF Foundation 392-5475.

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Presentation on theme: "Intro to UF Foundation University of Florida Foundation David Christie, CPA, CGMA, CITP Controller, UF Foundation 392-5475."— Presentation transcript:

1 Intro to UF Foundation University of Florida Foundation David Christie, CPA, CGMA, CITP Controller, UF Foundation

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

3 Intro to UF Foundation 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 Intro to UF Foundation Return on Investment (FY 2013) Fundraising Commitments$250M Operating Expenses$29M Return on Investment$9

5 Intro to UF Foundation  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 Intro to UF Foundation Forms & Documents

7 Intro to UF Foundation Contact Information by Department

8 Intro to UF Foundation 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 Intro to UF Foundation 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 Intro to UF Foundation 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 Intro to UF Foundation 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 )  Donor Restrictions (Long Description, Detail Purpose, Restrictions)

12 Intro to UF Foundation FAS Log-in  https://fasweb.uff.ufl.edu/FAS/login_prompt.asp https://fasweb.uff.ufl.edu/FAS/login_prompt.asp  Link from Business Center log-in screen

13 Intro to UF Foundation

14 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.

15 Intro to UF Foundation 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

16 Intro to UF Foundation 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

17 Intro to UF Foundation 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

18 Intro to UF Foundation Endowment Investments  Target return after inflation 5.2%, preserve purchasing power  Over 2,800 endowments pooled together  Investment Schedule Month ReceivedInvested December, January, FebruaryApril 1st March, April, MayJuly 1st June, July, AugustOctober 1st September, October, NovemberJanuary 1st

19 Intro to UF Foundation 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

20 Intro to UF Foundation Returns *Market ValueSpending BaseRatio SB/MVSB AdjustmentQuarterly Transfer Gift received April 13, ,000N/A Invested July 1, ,000 90, %N/A Value at September 30, % 104,000 90, %None = 90,000 x 1% = 900 Value at December 31, % 107,500 90, %Required = 90,000 x 1% = 900 SB adjustment 1, ,500 91, %As adjusted Value at March 31, % 103,000 91, %None = 91,375 x 1% = 914 Value at June 30, % 93,800 91, %Required = 91,375 x 1% = 914 SB adjustment (2,265) 93,800 89, %As adjusted Value at September 30, % 95,500 89, %None = 89,110 x 1% = 891 * Returns are net of fees and spending transfers Spending Base Example

21 Intro to UF Foundation Questions? David Christie, CPA, CGMA, CITP Controller, UF Foundation


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