Overview of Services

FAI services include investment management, accounting, budgeting, financial reporting, board communications, benchmarking, University associated-entity reporting, audits, tax returns, and other help and guidance to campus units to assist them in managing their foundation and endowment resources.

The foundations and the Alumni Association are separately incorporated 501(c)(3) organizations, each having its own Board of Directors that sets policies for that organization. University personnel assume the primary responsibility for fund-raising, carrying out the policies of the Board, and acting as the primary liaison between the Boards and the University. Each serviced foundation maintains its accounting records within the university’s accounting environment. Separate systems are maintained in-house for endowment unit value calculations, gift annuities, and selected stewardship data.  There is a wide variation in operational and informational requirements among the funds.  The Student Aid Association and the Textile Foundation maintain their own fund-raising and accounting staffs. Therefore, when reference is made in this manual to “foundations”, these two entities are not included.

The NC State Investment Fund, Inc. was created for the purpose of pooling the investments of the University’s Endowment Fund with the investments of the University-related Foundations. The Fund was established in 1998 and accepted its first investments in April 1999. (NCSIF) has a governing board consisting of the Chancellor, a member of the University’s Board of Trustees, Vice Chancellors for Finance and Administration and University Advancement, Endowment Fund Board members, and at-large foundation representatives. FAI’s responsibilities include: providing oversight of investment managers, working with the investment consultants on new manager searches and due diligence efforts, ensuring accurate and timely reporting to the (NCSIF) Board and committees, preparing and analyzing investment recommendations, and handling special projects as requested by each Board and/or committee.

The Endowment Fund is statutorily created and has a separate Board of Trustees that meets semi-annually. Routine activities of The Endowment Fund include gift acceptances, investment performance analysis, communications with investment managers, real estate reports and spending budget approval.

The NC State University Partnership Corporation (the “Corporation”) was organized on December 17, 1984 to support and for the benefit of North Carolina State University with the aim of creating new knowledge and improving the lives of the people of North Carolina.  It is organized and operated exclusively for charitable, educational, and scientific objectives.  The Corporation shall carry on only those activities permitted to be carried on by an organization or entity which is exempt from taxation under the provision of paragraph 501(c)(3) of the Internal Revenue Code.

The Vice Chancellor for Finance or the University Treasurer serve as the Treasurer or Assistant Treasurer for each of the managed entities. The Foundations Accounting and Investments Office reports to the University Treasurer and is responsible for all accounting, maintenance of official records, bank accounts and investments for each of the entities.