Auburn University Foundation Board Committee Responsibilities
Investment Committee
The Board of Directors has delegated responsibility for managing the investment of the Foundation’s endowment to the Investment Committee, which shall recommend and implement the asset allocation policy, manager selection, and portfolio supervision. The Investment Committee reports to the Board on the status of the Foundation’s investment policies and results, and also communicates to the Board any recommended changes in investment policy. The Auburn University Board of Trustees also has delegated certain responsibilities to the Foundation’s Investment Committee for oversight of the University’s endowment funds, which are maintained separately but are managed in a similar manner.
Audit Committee
Provides oversight for the audit function, meeting with auditors to receive the annual audit results and required communications, making recommendations to the Board for audit firm selection, and receiving and reviewing items reported through the University’s fraud hotline. Oversight also is provided for the administration of the Conflict of Interest and Self-Dealing Policy.
Administration and Finance Committee
Provides oversight for all administrative functions including planning and makes recommendations regarding board meeting dates and By-Law changes. Oversight also is provided for all finance functions, with the exception of endowment management. The committee reviews and makes recommendations to the Board concerning leases, the Services and Facilities Agreement and the Endowment Fund Management Agreement with Auburn University, receives the Treasurer-prepared annual budget, budget reports, and interim financial statements.
Development Committee
Provides advice, counsel, and assistance related to fundraising policies and activities, with particular emphasis on the conduct of comprehensive campaigns.
Directorship Committee
Provides oversight of the process for nominating new and emeritus Directors; oversees the election of Directors/Officers; and conducts periodic evaluations of directors and the Foundation. Provides an orientation program for new directors. Plans for the replacement of directors, taking into consideration experience and diversity.
Auburn University Real Estate Foundation, Inc. Board Responsibilities
The purposes of this foundation, subsidiary to and controlled by the AU Foundation, are to:
- Advance the University by receiving gifts of real property;
- Serve as the efficient conduit through which gifts of real property are received and liquidated; and
- Serve as a separate and distinct foundation which advances the goals of the University, is responsible for evaluating gifts of real estate before acceptance and works with the Auburn University Foundation to advance the mission of Auburn University and AUM.
In instances in which real estate is gifted for activities of the University, the AU Real Estate Foundation (AUREF) shall determine, in advance of acceptance, important details including, but not limited to, unrelated business income tax implications; environmental analysis and toxic waste potential; debt associated with a gift; operation and maintenance expenses; and sale-ability of the property. If the gift is accepted, the AUREF shall provide guidance on operation and disposition of the property.
