Routine Services
OVERVIEW
The Foundations Accounting and Investments (FAI) Office functions as a multi-service organization to seven affiliated university foundations, the Alumni Association, the NC State Investment Fund, Inc. (NCSIF), the University’s Endowment Fund, the NC State Partnership Corporation, and its’ related LLC’s – the NC State Centennial Development, LLC (Lonnie Poole Golf Course), the NC State Upfit, LLC, and the NC State Residence, LLC. Services include accounting, budgeting, tax reporting, investment management and reporting, financial reporting, board communications, real estate reporting, benchmarking, audit coordination, and interface with campus units. In addition, the office interacts with other university foundations not serviced by the FAI staff, including the Student Aid Association and the Textile Foundation.
The foundations and the Alumni Association are separately incorporated 501(c)(3) organizations, each having its own Board of Directors that sets policies for that organization. University personnel assume the primary responsibility for fund-raising, carrying out the policies of the Board, and acting as the primary liaison between the Boards and the University. Each serviced foundation maintains its accounting records within the university’s accounting environment. Separate systems are maintained in-house for endowment unit value calculations, gift annuities, and selected stewardship data. There is a wide variation in operational and informational requirements among the funds. The Student Aid Association, and the Textile Foundation maintain their own fund-raising and accounting staffs. Therefore, when reference is made in this manual to “foundations”, these two entities are not included.
The NC State Investment Fund, Inc. was created for the purpose of pooling the investments of the University’s Endowment Fund with the investments of the University-related Foundations. The Fund was established in 1998 and accepted its first investments in April 1999. (NCSIF) has a governing board consisting of the Chancellor, a member of the University’s Board of Trustees, Vice Chancellors for Finance and Business and University Advancement, Endowment Fund Board members, and at-large foundation representatives. FAI’s responsibilities including providing oversight of investment managers, working with the investment consultants on new manager searches and due diligence efforts, ensuring accurate and timely reporting to the (NCSIF) Board and committees, preparing and analyzing investment recommendations, and handling special projects as requested by each Board and/or committee.
The Endowment Fund is statutorily created and has a separate Board of Trustees that meets on a semi-annual. Routine activities of The Endowment Fund include gift acceptances, investment performance analysis, communications with investment managers, real estate reports and spending budget approval.
