3.2.13 |
Any institution-related foundation, not controlled by the institution, has a contractual or other formal agreement that (1) accurately describes the relationship between the institution and the foundation and (2) describes any liability associated with that relationship. In all cases, the institution ensures that the relationship is consistent with its mission. (Institution-Related Foundations) |
| |
|
| |
√ Compliant |
Partially Compliant |
Non-Compliant |
|
| |
Narrative: |
|
As an institution within the UT System, all endowments benefiting UTMB are held and administered by the UT System Board of Regents (1). Additionally, any endowments where the funds are held and administered by an external trustee, including a foundation, acceptance of the institution(s) interest is carried out by UT System. The Sealy & Smith Foundation (S&SF) was established as an endowment to support the John Sealy Hospital and its operations. The John Sealy Hospital is now one of UTMB’s hospitals (2). All funds granted by S&SF are accepted by the UT System Board of Regents on behalf of UTMB. Therefore, S&SF is considered a UT System endowment for the benefit of UTMB. |
|
|
