NUMBER

399

SUBJECT

Expanded Membership of Boards of Trustees of Institutional Endowment Funds

DATE

October 15, 1999

In response to expressions of interest by constituent institutions in augmenting representation
on the boards of trustees of institutional endowment funds, to engage additional expertise
and support, the Board of Governors on October 8, 1999, approved amendments to its policy
(first adopted in 1977 and last revised in 1981) implementing the provisions of N.C.G.S. §
116-36 as amended by Chapter 506 of the 1977 Session Laws (see Administrative Manualat
VI-B-1). The changes appear in Section A.4. of the Board of Governors policy, a copy of
which is attached, as revised (revised provisions are underlined for emphasis).

The regulations formerly required that the board of trustees of the endowment fund of a
constituent institution consist of no fewer than five and no more than seven members, two of
whom were to be ex officio, viz., the chair of the board of trustees and the chancellor of the
constituent institution. The revised policy expands the membership of the endowment board
to consist of no less than six and no more than nine members, including a third ex officio
member to be designated by the board of trustees of the constituent institution from among
the officers of that board or of the committees of that board.

In accordance with those policy revisions, the board of trustees of each constituent institution
must be informed of their responsibility to add one additional ex officiomember to the existing
endowment board and of their opportunity to add one or more additional at-large members, if
they choose to do so, subject to a maximum permissible membership of nine.

Any questions concerning this matter may be addressed to either Vice President Davies or
Vice President Robinson.

Molly Corbett Broad

Attachment
cc:Chief Financial Officers