Effective Date: May 1, 2008
Latest Revision: December 2016
It is the policy of Columbia University to adopt and adhere to
standards that are designed to ensure the proper management, administration and compliance of restricted endowment and gift funds. Endowment and gift funds are an important part of the University’s operations and play an integral role in helping the University achieve its goals. These funds impose upon the University contractual, legal and ethical obligations, as well as financial and management reporting responsibilities (among other responsibilities). Furthermore, the proper management and administration of our endowment and gift funds helps maintain and enhance the confidence and trust of the University’s constituents (especially its donors).
Reason for the Policy
The purpose of this endowment and gift fund policy is to set forth principles and procedures that are designed to ensure the University complies with its responsibility to properly manage and administer its endowment and gift funds.
Primary Guidance to Which This Policy Responds
This policy responds to the legal requirements of state and
federal law, Generally Accepted Accounting Principles and to the specific contractual obligations of individual gift instruments.
Responsible University Office
Office of the Controller
Policy originally issued and effective May 1, 2008; 1st
revision effective October 2011, 2nd revision effective July 2012, 3rd revision effective December 2013, 4th revision effective December
To view the full text of this policy, please use the link on the right.