The UNC Policy Manual
600.2.2
Adopted 03/20/81
1. Under the provisions of N.C.G.S. § 116-36, as amended by Chapter 506,
1977 Session Laws and by Chapter 649, 1979 Session Laws, and pursuant to these
regulations, uniformly applicable to all constituent institutions, the Board of
Governors of the University of North Carolina hereby establishes an endowment
fund for all endowment funds now held or hereafter acquired for the benefit of
the University of North Carolina Center for Public Television.
2. It is not the statutory intent
underlying these regulations that the proceeds from the endowment fund shall
take the place of state appropriations or any part thereof, but it is the
statutory intent underlying these regulations that those proceeds shall
supplement the state appropriations to the end that the University of North
Carolina Center for Public Television may improve and increase its functions,
may enlarge its areas of service, and may become more useful to a greater
number of people.
3. The Board of Trustees of the
University of North Carolina Center for Public Television shall constitute the
board of trustees of all endowment funds now held or hereafter acquired for the
benefit of the University of North Carolina Center for Public Television, to be
known as "The Board of Trustees of the Endowment Fund of The University of
North Carolina Center for Public Television." The chairman of the Board of Trustees of the
University of North Carolina Center for Public Television shall be ex officio the chairman of the Board of
Trustees of the endowment fund.
Procedures for the conduct of business by the Board of Trustees of the
endowment fund shall be consistent with procedures for the conduct of business
by the Board of Trustees of the University of North Carolina Center for Public
Television.
4. The trustees of the endowment fund
may receive and administer as part of the endowment fund gifts, devises, and
bequests and any other property of any kind that may come to them from the
Board of Governors of the University of North Carolina or that may come to the
trustees of the endowment fund from any other source, excepting always the
moneys received from state appropriations and from tuition and fees collected
from students and used for the general operation of the University.
5. Any gift, devise, or bequest of real
or personal property to the University of North Carolina Center for Public
Television shall be presumed, nothing to the contrary appearing, a gift,
devise, or bequest, as the case may be, to the endowment fund of the University
of North Carolina Center for Public Television.
This presumption shall not apply to property made available to the
University of North Carolina Center for Public Television or its functional
predecessor prior to May 28, 1979.
6. Property shall not be deemed a part
of the corpus of the endowment fund until it has been presented by the
President of the University of North Carolina through written description of
the property to the trustees of the endowment fund and has been acknowledged in
writing as received by the trustees of the endowment fund. Property expressly
or presumptively made available to the University of North Carolina Center for
Public Television for its endowment fund shall be presented by the President of
the University of North Carolina to the trustees of the endowment fund as
provided in this paragraph unless the President, in consultation with the
director of the University of North Carolina Center for Public Television finds
that the property:
(1) though presumptively made available to
the University of North Carolina Center for Public Television for its endowment
fund, was in fact made available to the center for some other purpose;
(2) has been made available under
conditions which make its acceptance or use illegal; or
(3) is unsuitable for use as property of
the endowment fund.
7. The trustees of the endowment fund
shall be responsible for the prudent investment of the fund in the exercise of
their sound discretion, without regard to any statute or rule of law relating
to the investment of funds by fiduciaries but in compliance with any lawful
condition placed by the donor upon that part of the endowment fund to be
invested.
8. The trustees of the endowment fund
shall have the power to buy, sell, lend, exchange, lease, transfer, or
otherwise dispose of or to acquire (except by pledging the credit of the State
of North Carolina or violating a lawful condition of receipt of the corpus into
the endowment fund) any property, real or personal, with respect to the fund,
in either public or private transaction, and in doing so they shall not be
subject to the provisions of Chapters 143 and 146 of the General Statutes;
provided that, any expense or financial obligation of the State of North
Carolina created by any acquisition or disposition, by whatever means, of any
real or personal property of the endowment fund shall be borne by the endowment
fund unless authorization to satisfy the expense or financial obligation from
some other source shall first have been obtained from the Advisory Budget
Commission by the Board of Trustees of the endowment fund upon the endorsement
of the Board of Governors of the University of North Carolina; and provided
further that, any gratuitous transfer of property or funds from the endowment
fund shall be only upon direction of the Board of Trustees of the University of
North Carolina Center for Public Television upon recommendation of the
President.
9. The Board of Trustees of the
endowment fund may appoint a fiscal agent or agents having all the privileges,
powers, and immunities set forth in paragraph 8 relative to the trustees of the
endowment fund except that no fiscal agent shall have authority to approach the
Advisory Budget Commission as otherwise provided in paragraph 8. The Board of Trustees of the endowment fund
may from time to time change its appointed fiscal agent or agents.
10. In the process of prudent investment of
the fund (including the acquisition and maintenance of property for the fund)
or to realize the intent under lying these endowment regulations, the Board of
Trustees of the endowment fund or a fiscal agent appointed pursuant to
paragraph 9 may expend or use interest and principal of gifts, devises, and
bequests; provided that, the expense or use would not violate any condition or
restriction imposed by the original donor of the property which is to be
expended or used nor violate the provisions of paragraph 8.
11. To realize the statutory intent
underlying these endowment regulations, the Board of Trustees of the endowment
fund may transfer interest or principal of the endowment fund to the useful
possession of the University of North Carolina Center for Public Television;
provided that, the transfer would not violate any condition or restriction
imposed by the original donor of the property which is the subject of the
proposed transfer; and provided further that, such transfer be executed only by
direction of the Board of Trustees of the University of North Carolina Center
for Public Television and for the purpose identified by the Board of Trustees
of the University of North Carolina Center for Public Television upon
recommendation of the President.
12. Whenever any property of the endowment
fund is disposed of or otherwise transferred from the endowment fund to the
University of North Carolina Center for Public Television or to any other
recipient, any instrument of transfer shall indicate that the donor, grantor,
seller, lessor, lender, or transferor, as the case may be, is the Board of
Trustees of the endowment fund.
13. The Board of Trustees of the endowment
fund shall annually submit a comprehensive report on the endowment fund to the
Board of Governors of the University of North Carolina, through the President.
14. The President shall inventory,
consider, and present for placement in the endowment fund, as provided in
paragraph 6, all property that presently reposes in any endowment, trust, or
account as endowment property for the benefit of the University of North
Carolina Center for Public Television.
The provisions of this paragraph shall not apply to property reposing in
any endowment, trust, or foundation that has corporate identify other than under
N.C.G.S. § 116-3.
15. These regulations shall be effective
upon their enactment by the Board of Governors of the University of North
Carolina.