The UNC
Policy Manual
600.2.5
Adopted
02/09/90
Amended
11/14/97
Privately chartered foundations, associations, and clubs from time
to time have been established by interested citizens for the purpose of
providing resources to enrich various programs of the constituent institutions
of the University of North Carolina with which they are identified. Both the academic and athletic programs of
the affected constituent institutions have benefited substantially from the
generous contributions made by such private organizations. On August 25, 1989, President Spangler,
proposed the timely public disclosure of appropriate financial information
concerning the operation of such private organizations, as a means of allaying
possible public concern about the purposes of such organizations and the nature
and extent of benefactions realized by the constituent institutions. The Board
of Governors thereafter resolved that the President shall direct the chancellor
of each constituent institution to request annually of the appropriate officer
of any such private foundation, association, or club, organized for the primary
purpose of providing financial support to the constituent institution, a copy
of the organization's annual independent financial audit, with the
understanding that such audit would not be required to include identification
of persons or entities that have made contributions to the organization; that
copies of said audits shall in turn be supplied by the chancellor to the Board
of Trustees of the institution and to the President; and that such audits
thereafter shall be deemed to be public records.
In November 1997, the Board of Governors found it appropriate to
require that there be means, in addition to the annual financial report, by
which the University and the constituent institutions could maintain fiscal
familiarity and comfort with those independent organizations serving the
University or any of its constituent institutions. To accomplish this, the Board of Governors
directed the President, through the chancellors or other appropriate University
officials, to require that any private foundation, private association, or
private club created for the primary purpose of financial support to the
University of North Carolina or to a constituent institution of the University
meet organizational, governance, and fiscal guidelines of the President, as a
condition for the use, or continued use, of the supported institution’s name or
other resources.
[This is a rewrite of resolutions adopted by the Board of
Governors on February 9, 1990, and November 14, 1997, respectively.]