Administrative overview of current funds

Effective July 1, 1995
Proposed Amendment as of July 1, 2009

I. This statement is issued by the Appropriations and Audit Committee of the Medical College of Virginia Foundation. Its purpose is to provide an overview of the administration of restricted current operating funds. These funds are defined as those derived from private, non-endowment sources for the benefit of MCV Campus schools, departments and divisions, as well as those funds restricted to specific projects.

II. The minimum balance for a current operating fund to be established is $10,000. Additional contributions may be made in any amount.

III. Current funds will be assessed a fee of .50 percent (one-half of one percent) on the market value of the fund each year. These fees will be charged monthly.

IV. Investment objectives, policies and guidelines for the operating pool have been approved by the Foundation Investments Committee and are reviewed as necessary.

V. Income assigned to individual current operating funds will be distributed and credited as follows:

• Funds with a balance of less than $10,000 receive no income.
• Income is distributed to qualifying funds based on the weighted average balance of the fund for the fiscal quarter.
• Income will be credited to individual funds at a rate that is the lesser of 1) actual interest income, net of investment fees and expenses; or 2) a rate equivalent to the 90-day Treasury Bill.

VI. Detailed statements of account for individual funds are accessed online with a log in and password at www.mcvf.net.