The management and administration of University Trust Funds, including the consolidated and segregated funds, is delegated to the Business and Finance Committee. This Committee is authorized and empowered: to do all things necessary within the limitations imposed by law, or by the terms of the specific gifts and bequests accepted by the Board of Regents; and to administer the funds so received and under the control of the Regents in an efficient and prudent manner. The Business and Finance Committee is authorized, with the approval of the Board, to delegate such powers and responsibilities regarding the management and administration of University Trust Funds to the Trust Officer or other administrative officers or employees of the University as the Committee may in its judgment deem appropriate. The Committee is authorized to employ investment counsel. The Trust Officer of the Regents is directed to keep a separate record of the actions taken by the Business and Finance Committee on all matters relating to University Trust Funds and to distribute memoranda of such actions as soon as practicable to all members of the Board of Regents for their confidential information.
History: Res. 42 adopted 12/17/71.