The UNC Policy Manual
In response to expressions of interest by constituent institutions in augmenting representation on the boards of trustees of institutional endowment funds, to engage additional expertise and support, the Board of Governors on October 8, 1999, approved amendments to its policy (first adopted in 1977 and last revised in 1981) implementing the provisions of N.C.G.S. § 116-36 as amended by Chapter 506 of the 1977 Session Laws (see 600.2.1 of this Policy Manual). The changes appear in Section A.4. of the Board of Governors policy.
The regulations formerly required that the board of trustees of the endowment fund of a constituent institution consist of no fewer than five and no more than seven members, two of whom were to be ex officio, viz., the chair of the board of trustees and the chancellor of the constituent institution. The revised policy expands the membership of the endowment board to consist of no less than six and no more than nine members, including a third ex officio member to be designated by the board of trustees of the constituent institution from among the officers of that board or of the committees of that board.
In accordance with those policy revisions, the board of trustees of each constituent institution must be informed of their responsibility to add one additional ex officio member to the existing endowment board and of their opportunity to add one or more additional at-large members, if they choose to do so, subject to a maximum permissible membership of nine.
[This is a rewrite of Administrative Memorandum #399.]