Standard 7.D - Fund-Raising and Development
Historically, the MSU Billings Foundation has conducted annual fund-raising campaigns focused on helping the University provide traditional university services. The Foundation has assisted the University by providing resources to enhance the quality of instruction, strengthen research efforts and provide community outreach to University constituents.
On Dec. 31, 2006, the Foundation successfully completed the University’s first major fund-raising campaign — People, Pride and Promise: The Campaign for Excellence at Montana State University Billings. The Foundation raised over $30 million during the five-year effort, well above the $21 million goal. The campaign initiatives were established after a comprehensive strategic planning effort involving University and community leaders. The campaign fund-raising efforts specifically addressed key endowments and scholarships for the University. The phenomenal success of this endeavor speaks to the ever growing relationship between the Billings community and MSU Billings. Although perceived to be important educationally and economically to the city since its founding, the University has gained recognition and respect as it has grown. The vision, outreach efforts and commitment to meeting workforce needs of a growing city by the current administration were more than reciprocated in community response to the People, Pride and Promise campaign.
MSU Billings Foundation annual fund-raising efforts support:
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Standard 7.D.1 - Foundation Policies and Procedures
The Foundation is the primary fund-raising arm of the University. The Foundation has adopted a comprehensive set of policies and guidelines that address gift solicitation and acceptance, gift documentation, endowment gifts and named gifts, endowment investment and distribution, administrative and management fees, donor recognition and stewardship. By adhering to these policies and guidelines, Foundation employees and volunteers conduct their work in a professional and ethical manner. The Foundation’s Board of Trustees and its associated committees provide oversight of the status and use of these policies and guidelines.
The Foundation is audited annually by an independent Certified Public Accountant. The audit provides reasonable assurance that financial statements are free of material misstatements and in conformity with generally accepted accounting principles. This is confirmed in the auditor’s management letter.
Evidence:
- 7.18 Foundation Policies;
- 7.19 MSU Billings Foundation Report;
- 7.12 Foundation Reports
Standard 7.D.2 - Foundation Endowment and Distribution
The Foundation’s Endowment, Investment and Distribution Policy defines the responsibility of fund representatives (Foundation trustees) and investment managers regarding the investment of the Foundation’s endowment assets. The policy clarifies the purpose of the Foundation and the oversight role of the trustees. In addition, it defines portfolio investment objectives, asset allocation and diversification guidelines, risk tolerance, endowment distribution and investment strategies. The policy reflects standards and best practices of institutional investing.
The Foundation maintains records that document the donor’s intent for endowment (and non-endowment) gifts. For gifts to named endowments, a Memorandum of Understanding form is completed. This form clarifies the purpose of the endowment and informs donors of Foundation policies explaining Foundation endowment investment and distribution practices and fees. An independent auditor reviews samples of Foundation gift documentation during the fieldwork phase of the annual audit.
Evidence:
- 7.18 Foundation Policies;
- 7.19 MSU Billings Foundation Report;
- 7.12 Foundation Reports;
- 7.5 Table 7.9;
- 7.8 Endowment File
Standard 7.D.3 - Foundation Endowment and Distribution
The Foundation is an independent 501(c)(3) not-for-profit organization whose sole purpose is to raise private funds on behalf of the University. Annually, the University and Foundation enter into an operating agreement clarifying the responsibilities of the parties with regards to their ongoing relationship.
Evidence: 7.19 Foundation Report
