ࡱ> NPM` bjbj 108 4 ,22l l  1111111$D3h5p1) ))1 1---)0  1-)1--e00 ` ׳*p}0%1l1020,6V+6060t n#-%0' 11.-X 2)))) D  Agenda Board of Regents Planning and Development Committee Tuesday, September 20, 2005; *12:00 noon 1:00 p.m. Room 107 University Commons University of 91ֱAnchorage Anchorage, Alaska *Times for meetings are subject to modification within the September 20-21, 2005 timeframe. Committee Members: Mary K. Hughes, Committee Chair Frances H. Rose Timothy C. Brady Joseph E. Usibelli, Jr. Carl Marrs Brian D. Rogers, Board Chair I. Call to Order II. Adoption of Agenda MOTION "The Planning and Development Committee approves the agenda as presented. I. Call to Order II. Adoption of Agenda III. Full Board Consent Agenda A. Creation of the Rasmuson Land Sale Quasi-Endowment for the Benefit of the Rasmuson Fisheries Research Center IV. Ongoing Issues A. Discussion on Development Activities at the University of Alaska V. New Business VI. Future Agenda Items VII. Adjourn This motion is effective September 20, 2005." III. Full Board Consent Agenda A. Creation of the Rasmuson Land Sale Quasi-Endowment for the Benefit of the Rasmuson Fisheries Research Center The President recommends that: MOTION The Planning and Development Committee recommends that the Board of Regents approve the dedication of the proceeds of the Rasmuson real property sale of approximately $870,000 to a quasi-endowment as presented for the benefit of the Rasmuson Fisheries Research Center Endowment. This motion is effective September 20, 2005. POLICY CITATION Regents Policy 05.14.07 - Transfer of Gifts provides that Unless expressly prohibited by the donor or Policy 05.14.01: A. The net proceeds from the lease, sale or development of gifts or real property will be transferred to the University of 91ֱFoundation for management in accordance with donor intent as may as may be determined by the university president. Regents Policy 05.07.03 - Endowment and Quasi-Endowment Funds provides that All endowment and quasi endowment assets shall be transferred to the University of 91ֱFoundation (Foundation) for care, custody, investment and administration, to the extent feasible and not prohibited by donor agreement. Endowments shall be transferred to the Foundation as follows: (1) unrestricted endowment principal and income funds shall be transferred to the Foundation upon approval of the vice president for finance, (2) quasi-endowment (unrestricted funds designated as an endowment by the Board of Regents) and restricted endowments shall be transferred to the Foundation upon specific approval by the Board of Regents. RATIONAL/RECOMMENDATION In 1994, Elmer Rasmuson donated approximately $1 million to the UA Foundation to establish an endowment for the benefit of the Rasmuson Fisheries Research Center. He supplemented that contribution with a bequest of approximately $4 million in 2000. Unfortunately, both contributions were received at the beginning of an investment down cycle and distributions to the Rasmuson Fisheries Research Center have never met the expectations of Elmer Rasmuson or the Rasmuson family. In 1999, Elmer Rasmuson also donated a parcel of real property to the university and expressed the intent that the Board of Regents determine the appropriate use of the proceeds from its sale or development. The property was sold in 2002 under an installment sale contract. In August 2005, the buyer paid off the installment contract in full. In accordance with board policy the proceeds (approximately $870,000) are being held in a UA Foundation Account pending designation of use by the Board of Regents. Based on comments by Chairman Rogers, UA Foundation Executive Director Taylor, and Associate Vice President Lynch, all of whom had personal conversations with Mr. Elmer Rasmuson about his affection for the universitys fisheries program, his aspirations for the Rasmuson Fisheries Research Center, and his insight into the importance of the Centers work for the state of Alaska, President Hamilton is recommending that the proceeds from the Rasmuson property sale be dedicated to a quasi-endowment for the benefit of the Rasmuson Fisheries Research Center in memory of Elmer Rasmuson. When the potential for creation of such an endowment was discussed with Mr. Edward Rasmuson, he indicated that it is exactly what his father would have wanted. The terms of the endowment will provide for the management of the two prior endowments and this quasi-endowment as though they were one. The spending allowances for the quasi-endowment will be determined in accordance with the UA Foundations general endowment spending policy, except that, if the annual calculated spending allowance for the three endowments is less than $250,000, the deficiency will be paid out of the quasi-endowments accumulated earnings, or principal if necessary. IV. Ongoing Issues A. Discussion on Development Activities at the University of Alaska Associate Vice President Rutherford will update the members of the committee regarding development activities. V. New Business VI. Future Agenda Items VII. Adjourn     Agenda Planning and Development Committee September 20, 2005 Anchorage, Alaska Planning & Development Committee Agenda: Page  PAGE 2 of 3 Planning & Development Committee Agenda: Page 1 of 3 :;PYcop    . 0 P _ ` p / 0 X z ? O P Q g h i t u ʾhd h85 h]d5 hPV 5\h1 h8h85 h1 5 hPV \ hPV 5>*h8h86CJh8hPV 6CJh]dh8 hPV 5hPV ?;p   0 ` $ !0^`0a$$ !a$$a$$a$ / 0 A X w ? 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