Policies, Structure and By-Laws
Endowment Pool Investment
The Ferris Foundation recognizes the long-term nature of gifts in the form of endowment funds. The Ferris Foundation’s intent is to maximize the investment returns of these funds using the following guidelines.
Temporary and Unrestricted Funds
The purpose of this policy is to establish investment direction for the Ferris Foundation’s (the Foundation’s) unrestricted operating funds and temporarily restricted funds not covered under the endowment pool investment policy statement or the investment guidelines of its annuity pool of funds.
Charitable Gift Annuity Investment
The purpose of this policy is to establish a clear understanding of the investment objectives for the Ferris Foundation Charitable Gift Annuity pool and to serve as a guideline for the investment manager who manages the funds. In addition, this policy describes the performance standards that will be utilized by the Foundation to monitor investment performance on a continuing basis.
Audited Financial Statements
The Ferris Foundation is governed by a board of directors of at least 13 and a maximum of 40 members. The board is self-sustaining, with members selected for three-year terms by existing directors on recommendation of a board nominating committee. The chair of the University's board of trustees appoints one director, and the immediate past president of the Ferris State Alumni Association may also serve a one-year term. The President of the University (who is a voting director) may directly appoint as many as five directors, but not to exceed fifteen percent of the total membership. The University's board of trustees reviews and approves the nominations of those proposed as directors. View entire document.
Section 1.01. Corporate Name. The name of this corporation is THE FERRIS FOUNDATION (the "corporation"), a non-profit corporation incorporated and organized under the laws of the State of Michigan, and exempt from Federal income tax under Sections 501 (c) (3) and 509 (a) (3) of the Internal Revenue Code. View entire document.