313.1 Strategic Initiative Reserve Fund Spending

Created by: Pat Teague on 11/05/2001
Category: 3 - Finance and Administration; 10 - Accounting/Auditing/Budgeting
 
Originator: President
Current File: 313.1
Adoption Date: 11/05/2001
Reviewed for Currency: 11/05/2001
 
Replaces File:
Date of Origin: 11/05/2001
 
Classification:
 
In Archive? 0


313.1 Strategic Initiative Reserve Fund Spending

 

A. Background

In 1997, the University began setting aside funds from the year-end surplus to create a strategic initiative reserve fund (SIRF). At that time, it was intended primarily to provide a source of funds to sustain or enrich strategic initiatives which initially were funded by outside grants and would eventually need to be absorbed into the annual operating budget. Through March, 2001, no funds have been transferred from the SIRF. By January, 2001, the corpus has grown to over $1.8 million.

 

B. Policy

Appropriate uses for the strategic initiative reserve fund include the financing of key projects or activities in support of strategic initiatives. Such financing should be viewed as one-time grants, seed money to initiative projects or activities, or two-to-three-year transitional funding from grant support to the operating budget.

 

C. Guidelines

1. The President is authorized to approve projects and activities for SIRF funding under the guidelines of this policy.

2. The President will keep the Board apprised of projects or activities to be funded out of the reserve fund.

3. Strategic initiative reserve funds will be used to provide one-time or transitional funding for key projects or activities in support of strategic initiatives.

4. Strategic initiative reserve funds will not be used to support on-going activities which should more appropriately be funded out of the operating budget.

5. The administration will provide annual reports to the Strategic Planning Committee on the use of strategic initiative reserve funds and the balance of the fund.

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