University Policy Number 2116
Responsible Office: Senior Vice President for Administration and Finance
Policy Procedure: N/A
Related Law & Policy:
- State Depositories, Virginia Code § 2.2-1813 et seq.
- Virginia Security for Public Deposits Act, Virginia Code § 2.2-4400 et seq.
- Investment of Public Funds Act, Virginia Code § 2.2-4500 et seq.
- Uniform Prudent Management of Institutional Funds Act, Virginia Code § 64.2-1100 et seq.
- University Policy 1123, Gift Acceptance
This policy applies to the investment and management of George Mason University’s funds not held in the State Treasury.
II. Policy Statement
Investment management is a key component of the University’s success and ability to achieve its mission, including supporting its value of being careful stewards.
III. Investment of Funds
A. Non-State Funds shall only be invested in Authorized Investments in a manner to ensure that the current spending requirements of the University are supported and the University’s daily cash flow demands are met.
B. Donated Funds may be transferred to the George Mason University Foundation, Inc. to manage and invest on the University’s behalf as the University’s agent in compliance with agreement(s) between the University and the Foundation.
A. State Funds: State Funds include tuition and fees, auxiliary enterprises and federal and other monies used for current operations which are deposited into the State Treasury.
B. Non-State Funds: Funds held by the University that do not meet the definition of State Funds and are not transferred to the Foundation. These are also known as local funds.
C. Donated Funds: Endowment funds, bequests, or gifts made payable to the University.
D. Authorized Investments: Certificates of deposits, U.S. Treasury Bonds and Money Market Funds
The Senior Vice President shall routinely monitor and evaluate investment results of all Non-State Funds and Donated Funds.
A. Effective Date:
This policy will become effective upon the date of approval by the Board of Visitors.
B. Timetable for Review
This policy shall be reviewed every three years or more frequently as needed.
Date Approved: October 10, 2018