Chapter I - Delegation of Authority 1. Authority of the Board. Under State law the Board of Regents has full control of the University and its property of various kinds. Any authority delegated by the Board shall always be subject to the ultimate authority of the Board. In retaining the ultimate authority over the University with which it is charged by law to exercise within constitutional and statutory limitations, the Board shall exercise the right of periodic review of any and all aspects of government of the University, the right to intervene and modify any rule, regulation, or executive order formulated by the President or the faculty, the right to amend or rescind any existing rule, regulation, or executive order, and the right to enact such rules, regulations, and orders as it deems proper for the government of the University.
2. Government of the University. For the purpose of effecting the government of the University under and by the Board of Regents, the President of the University or the President's designee is authorized to act for the Board of Regents in formulating, prescribing and issuing rules, regulations, and executive orders not inconsistent with the By-laws, Standing Orders, and other orders of the Board and applicable State law for the immediate government of the University. In carrying out this duty, the President or the President's designee shall consult the University faculty and may delegate in whole or in part the responsibility for formulating such rules, regulations, and executive orders to said faculty. It is not intended that such consultation or delegation shall remove from the President or the President's designee the authority and the responsibility vested in the President by the Board of Regents for such decisions, among others, as those concerning the utilization of available resources, organizational structure, and administrative personnel.
The channel of authority from the Board of Regents to the faculty, staff, and other officers and employees of the University shall be through the President of the University. All faculty, staff, and other officers and employees of the University shall, through appropriate channels, be responsible to the President of the University and through the President to the Board of Regents.
3. Faculty, Classified Staff, and Professional Personnel. The President of the University or the President's designee is authorized to act for the Board of Regents regarding all personnel and employment matters concerning the faculty, classified staff, and professional personnel except the following: new appointments of vice presidents, deans, department chairs, and directors of academic units; new appointments to the rank of professor, associate professor, and assistant professor; new appointments to faculty positions with tenure; new appointments of full-time instructors and lecturers; new appointments of full-time acting and visiting faculty in professorial ranks, instructorships, and lectureships; appointments to endowed chairs or professorships; appointments of distinguished visitors; policy changes in retirement, insurance, and other fringe benefit provisions; and initial collective bargaining agreements with representatives of newly certified bargaining units.
4. Grant and Contract Awards. The President of the University or the President's designee is authorized to act for the Board of Regents regarding all matters concerning grants and contracts for research, development, service, and training except the acceptance of initial contract awards exceeding $1,000,000: provided, that the President or the President's designee is authorized to accept initial contract awards exceeding $1,000,000 whenever the period between scheduled Board of Regents meetings exceeds 45 days, with a report of all such awards to be submitted to the next scheduled monthly meeting of the Board.
5. Student Body. The President of the University or the President's designee is authorized to act for the Board of Regents in the management of the student body and other matters incident thereto, including athletics, except the following: the establishment of written standards of student conduct and formal hearing procedures for student discipline.
6. Execution of Instruments and Business Affairs. The President of the University or the President's designee is authorized to act for the Board of Regents regarding the execution and administration of instruments and the general business and financial affairs of the University which occur in the usual course of business except the following:
A. The naming of University buildings or outdoor areas in recognition of individuals or organizations;
B. The execution of instruments relating to real property, including the Metropolitan Tract, where the anticipated cost or value to the University exceeds $1,000,000;
C. The appointment of external auditors; insurance brokers; investment bankers, managers and advisers; and financial custodians;
D. The selection of depositories other than national or state chartered institutions;
E. The use of University facilities by individuals or organizations for non-University events that would significantly affect normal campus activities or the surrounding community;
F. Any instrument, prior to its execution, that the President, the Executive Vice President, or any Regent deems appropriate for Regental consideration;
G. When a capital project budget is anticipated to exceed $1,000,000, approval of that capital project budget, appointment of project architects, award of construction contracts, and single increases to the capital project budget where the increase is greater than 10% of the approved project budget. However, when the anticipated capital project budget exceeds $1,000,000 and is less than $5,000,000, the President or the President's designee may approve and execute all instruments related to the capital project and report all such actions to the Board of Regents no less often than quarterly.
H. The execution of any other instruments, including but not limited to instruments related to acquisitions of goods and services, where the anticipated cost or value to the University exceeds $1,000,000. However, when the cost or value to the University exceeds $1,000,000 and is less than $5,000,000, the President or the President's designee may approve and execute the instruments and report all such actions to the Board of Regents no less often than quarterly. When the ultimate aggregate cost to the University is not known in advance for instruments relating to the acquisition of goods or services on a continuing or intermittent basis (e.g. rental, service, or supply contracts), the amounts set forth in this paragraph shall be calculated on a per month basis.
I. Notwithstanding the dollar limits specified in B, G, and H, the President or the President's designee is authorized to act for the Board of Regents regarding the execution and administration of all instruments relating to:
1. The procurement of utility services; | 2. Subcontracts for collaborative research entered into in furtherance of sponsored research programs; 3. The procurement of goods and services made by participating in contracts entered into by nonprofit cooperative hospital group purchasing organizations, or awarded by the State of Washington Department of General Administration and Department of Information Services; 4. The procurement of equipment and furnishings that are included in capital project budgets that have been authorized by the board of Regents; 5. The procurement of goods and services for sponsored research programs when the source of the goods or services is directed by the sponsor, or the sponsor retains title to the goods acquired; 6. The settlement of claims or lawsuits brought against the University; 7. The procurement of property or casualty insurance; 8. Leases of real property and modifications thereto of up to 20 years; 9. Deferred gift assets; 10. Real property acquired through gift or devise; 11. Actions necessary to protect the University's interests in response to an emergency situation arising out of a fire or other casualty; and 12. The execution of all time-critical instruments and business affairs requiring action between scheduled Board of Regents meetings, provided, that the President of the University or the President's designee secures approval of the Chair or Vice Chair of the appropriate Regents Committee and submits a report of any actions taken pursuant to this delegation to the Board of Regents at its next regularly scheduled meeting.
7. Commencement of Legal Action. The President of the University or the President's designee is authorized to act for the Board of Regents regarding all legal action necessary to protect the interests of the University: provided, that no litigation shall be instituted against a public entity or official or in exercise of the power of eminent domain without consultation with the President of the Board of Regents or, in the absence of the President, the Vice President of the Board of Regents.
8. Gift Evaluation and Acceptance. The Board of Regents of the University of Washington authorizes the President, or the President's designee, to accept all current and deferred gifts to the University, including gifts to establish quasi-endowed or permanently endowed funds.
A. Not included in this delegation are the following:
1. Gifts to the University of Washington Foundation, which shall continue to be accepted by the University of Washington Foundation in accordance with the terms and conditions of the Agreement for Services between the University and the Foundation dated October 18, 1988 (as may be amended from time to time); 2. Gifts that create obligations on the part of the University for expenditures or costs for which there is no established funding source; 3. Gifts with a value exceeding $5,000,000 which are: 1. for construction of facilities not previously approved, or 2. of non-traditional investment assets (such as real estate, debt instruments, closely held stock, partnership interests, permanent insurance policies, royalties, copyrights, licenses, and other illiquid assets); provided such gifts with a value between $1,000,000 and $5,000,000 will be reported to the Board of Regents quarterly; 4. A gift requiring naming of a permanent University building; and 5. Any other gift that the President, the Vice President for Development and Alumni Relations, or any Regent deems appropriate for Regental consideration.
B. Concurrence Required in Certain Gift Transactions
1. The following types of gifts shall be accepted only upon the recommendation of the Vice President for Development and Alumni Relations and the concurrence of the Treasurer of the Board of Regents, or their designees:
1. Current gifts of non-traditional investment assets, charitable lead trusts where the University is to act as trustee, bargain sale gifts of property, and partial interest gifts. 2. Deferred gifts, if the University is to act as trustee or custodian of the deferred gift.
2. Gifts of real estate, interests in real estate, or gifts of debt instruments secured by real estate shall be accepted only with the concurrence of the University's Real Estate Officer. The Real Estate Officer shall determine in each such case whether a hazardous waste inquiry or other due diligence is required, and the scope and extent of such inquiry. The Real Estate Office, in consultation with the Development Office, shall establish further policies and procedures regarding evaluation of gifts of real estate, as may be necessary or desirable from time to time. The Real Estate Officer shall, when appropriate, engage the Attorney General, or a Special Assistant Attorney General appointed thereby, in legal matters pertaining to the evaluation and administration of gift real property.
3. Gift credit for discounted purchases shall be awarded only upon the recommendation of the Dean or Director of the recipient unit and the Director of Corporation/Foundation Relations, and the concurrence of the Executive Vice President or designee.
4. Any gift with unusual terms or conditions affecting an academic program shall be accepted only with the concurrence of the Provost, or the Provost's designee, to the proposed terms or conditions.
C. Use of Legal Counsel
The President shall, when appropriate, engage the Attorney General, or a Special Assistant Attorney General appointed thereby, in legal matters pertaining to the Development Program. The Vice President for Development and Alumni Relations or the Vice President's designee shall assist the President in evaluating technical considerations regarding gift acceptance, and shall advise the Financial Management staff of potential fiduciary concerns affecting the administration of charitable trusts and life income gifts.
All written agreements substantially shall follow the format of the specimen gift agreements approved by the Office of the Attorney General. Because the University does not provide legal advice to prospective donors, all prospective donors shall be urged to seek their own legal counsel in matters relating to their gift planning, taxes, and estate planning.
D. Negotiation of Planned Gifts
The Vice President for Development and Alumni Relations and the Vice President's designees charged with securing deferred gifts are authorized to negotiate with prospective donors regarding the terms of lead trusts, partial interest gifts, bargain sale gifts, gifts of non-traditional investment assets and deferred gifts benefiting the University, following program guidelines and prototype agreements approved by the Office of the Attorney General. Where appropriate, they shall consult with the Treasurer of the Board of Regents and the Real Estate Officer in negotiating such gifts.
9. Disposition of Gifts. The proceeds of any gift, devise, bequest, or contribution received by the University shall be administered in accordance with the intention of the donor and any directions of the Board of Regents in accepting the gift. The President of the University or the President's designee is authorized to act for the Board of Regents regarding:
A. The disposition of gifts; and
B. The expenditure of the accumulated and current income of the Walker-Ames Fund in accordance with the terms of the resolution and memorandum of agreement adopted by the Board on August 29, 1931: provided, that a plan for such expenditures has been first approved by the President and the Vice President of the Board.
[Chapter I revised July 11, 1985; February 5, 1992; March 20, 1992; January 21, 2000]
Chapter II - Legislative Representation Adequate and appropriate representation of the University to the State Legislature and the Governor is of extreme importance to the Board of Regents, the University community, and the public. Except as may be otherwise designated, the President of the University or the President's designee is authorized to represent the Board of Regents and the University in all meetings requiring action by the Legislature or before the Governor. No other University officer or employee shall undertake to represent or to make representations to the Legislature or the Governor on behalf of the Board or the University without approval and authorization of the President.
Chapter III - Gifts to the University No Regent, officer, faculty member, or other University employee shall accept or undertake the administration, management, or disposition of any gift or fund derived therefrom without the express authority of the Board.
Chapter IV - Architectural Commission The Architectural Commission was established by the Board of Regents in December, 1957, as a standing design advisory board. Its membership is composed of architects, landscape architects and planners (herein called the professional members), generally from out of state, two faculty members, three ex officio members and one student member. The purpose of the Commission is to make available to the Board of Regents and to University officials a broad base of professional judgment and skill of the highest order to guide the planning and design of campus facilities.
The Commission serves in an advisory capacity and is charged with the responsibility of reviewing significant matters relative to planning and architectural design of the University's main campus in Seattle and, from time to time at the discretion of the Executive Vice President, University planning and development in other locations. It reviews and recommends general and specific planning and design policies, campus plans, the selection of building sites, and the design of new buildings in the light of the overall policies. The Commission may also recommend the selection of architects and the termination of their services.
In order to ensure a continuity of purpose over the years and a continuity of informed judgment in the review of plans and policies, the University has adopted the following statement setting forth the organization and function of the Commission:
1. Number of Members--Representation The Architectural Commission of the University of Washington, hereinafter called "the Commission," shall consist of a total of eleven members, eight members appointed by the Board of Regents and three ex officio members.
The Board of Regents appointed members shall consist of:
* One member appointed from the faculty of the College of Architecture and Urban Planning or the Dean of the College, recommended by the Dean; * The University's Architectural Advisor; * Four members appointed at-large who shall be registered architects, landscape architects or qualified city planners. Recommendations for member-at-large appointments shall be made with the concurrence of the Executive Vice President by the "Membership Subcommittee" consisting of the Chair of the Commission, the University's Architectural Advisor, the Assistant Vice President for Capital Projects and a representative of the Campus Landscape Advisory Committee;
* The current or former Chair of the Faculty Council on University Facilities and Services recommended by the Faculty Senate; * A student member jointly recommended by the President of the Associated Students of the University of Washington and the President of the Graduate and Professional Student Senate.
A representative of the Campus Landscape Advisory Committee, the Assistant Vice President for Capital Projects and the Executive Vice President shall serve as ex officio members without vote. The Chair of the Commission may designate additional ex officio members as appropriate.
2. Term of Membership
Each professional member shall normally be appointed for a term of three years. Each lay member shall be appointed for a term of one year. When a vacancy occurs in the at-large, professional membership of the Commission and is filled by the Board of Regents, the person appointed to fill the vacancy shall serve for the remainder of the unexpired term. Members of the Commission may succeed themselves and may serve beyond the appointed term until a successor is appointed. Membership terms shall be staggered, in so far as is practical, so that professional appointments do not expire in the same year.
3. Officers of the Commission--Quorum--Meetings-- Procedure
The Commission member from the College of Architecture and Urban Planning shall be Chair of the Commission and preside at its meetings. Four members, of whom at least three shall be professional members, shall constitute a quorum for the transaction of business. Actions constituting Commission recommendations must secure the approval of a majority of those present.
The Executive Vice President shall authorize appropriate compensation for the professional members.
The Chair of the Commission is authorized to appoint subcommittees as necessary to act on behalf of the Architectural Commission, to expedite timely review or to review small projects which would not otherwise be reviewed by the Commission.
4. Advisory Responsibilities--Referral Function
The Architectural Commission shall serve in an advisory capacity with reference to the planning and development of the University campus. Its role shall be that of recommending to the University such architectural and planning principles and policies as it considers appropriate and advantageous in guiding the physical growth and redevelopment of the campus and its facilities. The University shall refer all campus architectural and planning matters except minor interior remodeling, renovations, and utility and minor grounds projects, to the Commission for review and recommendations.
5. Comprehensive Plan
It shall be the function of the Commission to make recommendations concerning the preparation of a comprehensive general plan for the orderly physical development of the University campus, and more specific plans for portions of the campus. The plans shall be periodically reviewed and revised, and all revisions shall be referred to the Commission for recommendation. It shall further be the function of the Commission to make recommendations concerning the aesthetic development of the campus. Such recommendations shall include the design or aesthetic principles and guidelines that the Commission believes should be followed in the overall development of the campus. These recommendations shall be documented and may be revised from time to time for the purpose of providing a current guide for the design of grounds and buildings. In making recommendations involving campus open space and planting, the Commission should seek advice from the Campus Landscape Advisory Committee.
6. Special Projects -- Design Requirements -- Referral Functions
It shall be the function of the Commission to make recommendations concerning the architectural design of specific projects. These projects shall include new construction, additions to existing buildings when such additions affect the exterior appearance of buildings, major interior renovations of existing significant buildings and projects involving the development of the campus grounds, including landscaping, sculpture and art. Such projects shall be referred to the Commission prior to the commencement of detailed planning work, and it shall be the function of the Commission to make recommendations for the guidance of project designers. Such recommendations shall set forth planning and aesthetic principles as they relate to the campus plans and to the principles of campus design and such other recommendations deemed proper and important in the design of the project. The work of project designers shall be referred to the Commission from time to time and at the completion of the schematic and preliminary phases of the work. It shall be the function of the Commission to advise and assist the project designer and the University in the development of the project. The Commission may recommend changes in the project designer's work or may recommend approval. Recommendations involving major changes in the scope of the project shall receive the concurrence of the Executive Vice President.
7. Recommendations for Awarding of Design Contracts
The professional members of the Architectural Commission shall make recommendations to the Office of the President and/or the Board of Regents for the awarding of major design contracts for new construction and additions to existing buildings when such additions affect the exterior appearance of buildings and major planning and site studies. Major design contracts are those which require Board of Regents approval.
Where it is necessary that formal procedures shall be followed in meetings of the Architectural Commission, they shall be governed by "Robert's Rules of Order, latest revised edition."
9. Conflict of Interest
Commission members or their firms shall not be eligible to accept design or major consulting contracts with the University of Washington on any projects during their time on the Commission.
Chapter IV revised January 21, 1977; BR, October 1989; BR, June 9, 1995;January 21, 2000.
Chapter V - Indemnification of University Personnel 1. RCW 28B.20.250, et seq., provides that the Board of Regents of the University, subject to such conditions and limitations and to the extent it may prescribe, is authorized to provide by purchase of insurance, by self- insurance, or by any combination of arrangements, indemnification of regents, officers, employees, agents, and students from liability on any action, claim, or proceeding instituted against them arising out of performance or failure of performance of duties for or employment with the University, or of responsibilities imposed by approved programs of the University and to hold such persons harmless from any expenses connected with the defense, settlement, or payment of monetary judgments from such action, claim or proceeding.
2. Pursuant to the above authority, and subject to the conditions and limitations stated below and to the provisions of RCW 28B.20.253 and 255, the University will provide legal defense, indemnification and protection from any expenses connected with the defense, settlement or payment of monetary damages related to actions, claims or proceedings instituted against persons in the following categories, arising out of the activities specified:
a. Regents, officers, employees and agents while acting within the scope of their duties as such.
b. Volunteer workers and students while acting at the direction or specific request of the University in the course of responsibilities imposed by approved programs of the University. Provided, that the above provisions will not apply to actions, claims or proceedings arising out of acts taken in bad faith. The following are examples of types of conduct which will normally be deemed to have been taken in bad faith:
1. The act was committed with the willful intention of causing injury or harm, or was reckless or malicious in nature. 2. The act was committed in willful violation of law or University regulations. 3. The act was committed while under the influence of alcohol or a controlled substance (as defined in RCW 69.50.101 as now or hereafter amended).
c. An individual for whom the University provides legal defense shall cooperate fully with the University and its counsel in handling or resisting the action, claim or proceedings, as a condition for the protection afforded under this policy.
d. Whenever the University provides legal defense on behalf of any individual, the University reserves the sole right to control the defense of the action, claim or proceeding, and to compromise, settle or defend the matter.
e. Whenever the University provides indemnification and protection from expenses on behalf of an individual, the University reserves the sole right to provide the legal defense of the matter.
3. If the facts as known at the time of initiation of the action, claim or proceeding are insufficient to allow for a determination as to whether the individual comes within the terms of Paragraph 2 above, the University may elect initially to provide legal defense only, reserving any decision as to whether indemnification and protection from expenses will be provided until such time as sufficient facts are available to determine the person's status under Paragraph 2 above.
4. Occasionally, University personnel may be called upon to perform voluntary functions outside the normal scope of their responsibilities on behalf of the University. In such cases, defense, indemnification and protection from expenses by the University may be reasonable and appropriate, if the activity is one which is consistent with the University's teaching, research or public service responsibilities. In order to be assured of protection from personal liability in connection with such activities, the following procedures must be complied with:
a. The individual must make a written request to his or her supervisory dean or vice president in advance of undertaking the activity, describing the nature, scope and duration of the proposed activity. A copy of this request shall also be filed with the Office of Risk Management.
b. If the supervisory dean or vice president approves the activity for liability protection, written notice of approval (and the terms thereof) shall be provided to the individual, and a copy of the approval shall be filed with the Office of Risk Management.
5. If an individual is uncertain as to whether a particular activity comes within the terms of Paragraph 2, above, and wishes to obtain assurance of liability protection in advance, he or she may do so by following the procedures set forth in Paragraph 4, above.
6. Procedures to be followed by an individual against whom an action claim or proceeding is initiated, other than the President or members of the Board of Regents, are described in Volume Two, Chapter 12, Section 12- 27, subsection B.
7. If any action, claim or proceeding is filed against the President of the University or members of the Board of Regents, the request for indemnification and defense shall be reviewed as follows:
a. The President of the Board of Regents will act on requests submitted by the President of the University.
b. Where the request involves a minority of the members of the Board of Regents, it will be acted on by the remaining members of the Board.
c. Where the request involves a majority or all of the members of the Board of Regents, it will be acted on by the Attorney General of the State of Washington. Determinations will be made in accordance with the standards and conditions set forth in Paragraphs 2 and 3, above.
BR, June 1980, March 1992
Chapter VI - Policy on Compensation for Adverse Effects to Human Subjects 1. Application of Program
The University's adverse effects compensation program is intended to apply to projects carried out by University personnel and under University sponsorship. To be covered, the project must also be one which has been approved in writing by the University's Human Subjects Review Committee. The program applies only to adverse effects resulting from the study procedure itself.
2. Scope of Compensation
Compensation under the program is intended to be on a "no- fault" basis (i.e., the claimant need not demonstrate University fault or negligence), and is designed as a substitute for the traditional tort system. It is voluntary from the viewpoint of the claimant, who must agree to give up his or her right to pursue a traditional tort action in order to receive the benefits provided under the program. The benefits to be provided are as follows:
A. All medical expenses immediately and directly associated with the adverse effect, up to a maximum of $10,000.
B. Such additional expenses or compensation as may be agreed to by the parties. If the claimant is unwilling to give up his or her right to sue, then the matter will be handled as a traditional tort claim and will be settled or defended on that basis.
3. Claim Procedure
If an investigator believes an adverse effect has occurred, the investigator shall immediately prepare a report summarizing the background, nature and result of the adverse effect. The report shall be submitted to the Human Subjects Office and the Office of Risk Management, who may consult with representatives of the Attorney General's Division and the Human Subjects Review Committee which reviewed the project involved, in making a determination as to the applicability of the compensation program. If the situation is one for which compensation is appropriate, the Office of Risk Management will arrange for paying the applicable benefits and securing a release from the subject.
If a subject believes an adverse effect has occurred, the subject may independently prepare a report containing the information mentioned above to be submitted to the Human Subjects Office and Office of Risk Management, and a determination as to applicability of the compensation program will be made. If compensation is appropriate, it will be arranged as described above; if it is not, the subject will be so notified. Any such report must be submitted within one year of the occurrence of the adverse effect.
BR, June 1980
Chapter VII - Policy Governing Approval of Investments 1. Authority
The University adopts the following policy pursuant to RCW 42.52.190. It applies to any state officer or employee who, with respect to University investments or University investment policy:
is responsible; makes decisions; advises; or influences.
The policy calls these individuals "Investment Officers." This policy requires these individuals to get prior approval of certain investments in which they have an interest.
2. General Rule
A. Investments for which prior written approval is required. An Investment Office may have a direct or indirect interest in property, security, equity, or debt instrument of a person, other than Permissible Investments, only after obtaining prior written approval of the University in accordance with this policy.
B. Permissible Investments--No approval required. An Investment Officer (as defined below) may have a direct or indirect interest in any Permissible Investments (as defined below) without prior approval of the University.
A. "Investment Officer," as used in this policy, means those individuals holding the offices, or exercising the responsibilities, of:
Regent; President; Provost; Executive Vice President; Treasurer; Associate Treasurer; Controller; Associate Controller;
and any employee who is responsible for, or acts in a decision-making, advisory, or policy-influencing capacity with respect to, University investments.
B. Direct or Indirect Interest, as used in this policy, shall mean a voluntarily acquired ownership interest. It shall include community property interests recognized under Washington state law. It shall include interests held for the benefit of the Investment Officer's minor children. It shall not include an interest held as trustee for the sole benefit of others; interests held as executor or administrator of an estate; and interests acquired involuntarily.
C. "Permissible Investments," as used in this policy, means:
any deposit account; any certificate of deposit; any money market fund maintained with a bank, broker, or other financial institution; any mutual fund; any security publicly traded in an organized market if the interest in the security at acquisition is ten housand dollars or less; or any interest in real estate, except if the real estate interest is in or with a party in whom the University holds an investment.
It also includes, dividends, investments, interest, royalties, or other income from investments acquired prior to the adoption of this policy.
4. Procedure for Obtaining Approval
A. Presumptive approval.
Any Investment Officer may make investments in publicly traded securities at any time, and the University hereby gives prior approval to such investments, so long as such investment is not reasonably likely to have a material effect on the market value of the securities in question, the investment is not undertaken due to nonpublic information acquired by the Investment Officer as a result of his or her employment duties by the University, and the investment is not undertaken to alter the management or corporate structure of the business in question.
B. Summary approval.
Any Investment Officer may invest in entities in which the University does not invest, and the University hereby gives prior approval to such investments to any Investment Officer who obtains written confirmation from the Treasurer that, as of the date of such investment, the University has no investment in such entity, nor any present intent to invest in such entity.
C. Request for approval.
Any Investment Officer (other than the Regents, the President, the Provost, and the Executive Vice President) who acquires an investment which requires University approval under this policy, shall request approval by sending a written request to the Executive Vice President. The request should describe the investment, its approximate value, the University's interest in the entity, and the circumstances and timing of the proposed acquisition. The Executive Vice President, the President, the Provost, and any individual Regent shall, with respect to investments requiring University approval, request approval by the Chairman of the Finance and Audit Committee of the Board of Regents by sending a written request describing the investment, its approximate value, the University's interest in the entity, and the circumstances and timing of the proposed acquisition, to the Secretary of the Board of Regents. The Chairman of the Finance and Audit Committee shall request approval, in the same manner, from the President of the Board of Regents.
D. Grant or denial of approval.
Within two business days, the Executive Vice President, the Chairman of the Finance and Audit Committee of the Board of Regents, or the President of the Board as appropriate, or their designees, shall evaluate the proposed investment by applying the criteria listed in section 5 of this policy, and shall grant or deny approval in writing. Their respective decisions shall be final.
The Executive Vice President and the Secretary to the Board of Regents shall each maintain records sufficient to document compliance with this policy. The records and information received by the University in the course of implementing and administrating this policy shall be maintained by the University in confidence, and shall be shielded from disclosure to the extent allowed by law. All reviewing personnel shall be advised of this requirement, and failure to abide by it shall be regarded as a serious breach of duty to the University.
5. Criteria for Approval
In evaluating an Investment Officer's request for approval of an investment, the approving officer shall consider:
A. The relationship, if any, between the proposed investment and investments held or under consideration by the University;
B. The size and timing of the proposed investment;
C. Access by the Investment Officer to nonpublic information relative to the proposed investment; and
D. The availability of the investment to members of the general public with comparable assets to invest.
6. Prohibition on use of University financial information for personal gain.
University employees and officers may not use nonpublic financial information acquired by virtue of their state positions for personal gain.
BR February 1996; revised October 17, 1997