BOARD OF TRUSTEES Meeting Notice - Nebraska State College ...

AMENDED COLLABORATIVE AGREEMENT
This Agreement is made by and between the Board of Trustees of the Nebraska State Colleges,
(the “Board”) for the benefit of Chadron State College (the “College”) and the Chadron State
Foundation, a Nebraska Non-profit Corporation (the “Foundation”).
This Agreement identifies a commitment between the College, the Board and the Foundation to
engage in cooperative practices and exchange benefits for the betterment of the College.
The Foundation is a separately incorporated, tax exempt §501 (c) (3) non-profit organization
created to raise, manage, distribute, and steward private resources to support the various missions
of the College. The Foundation is responsible for identifying and nurturing relationships with
potential donors and other friends of the College. The Foundation solicits cash, securities, real
and intellectual property, and other private resources for the support of the College. The
Foundation Board of Directors is solely responsible for control and management of Foundation
assets.
Nothing in this Agreement shall be interpreted to supersede the Articles of Incorporation and
Bylaws of the Foundation.
This Agreement shall become effective upon the signature of the parties and shall continue until
terminated as provided by the terms of this Agreement.
Foundation’s Responsibilities.
The Foundation, in consultation with the College community and the President, is responsible for
planning and executing a comprehensive fund-raising and donor-acquisition program in support
of the College’s mission. These programs may include annual giving, major gifts, planned gifts,
special projects, and other campaigns as appropriate.
The Foundation is responsible for the control and management of all its assets, including the
prudent management of all gifts consistent with donor intent and Internal Revenue Service
requirements.
The Foundation shall continue asset-allocation, disbursement, and spending policies that adhere
to applicable federal and state laws including the Uniform Prudent Investor Act (UPIA) and the
Uniform Prudent Management of Institutional Funds Act (UPMIFA).
The Foundation shall continue to engage an independent accounting firm annually to conduct an
audit of the Foundation’s financial and operational records and shall provide the President and
the Board a copy of said annual audit in a timely manner each year, in order to allow for
inclusion with the NSCS’ Comprehensive Audit. The Foundation shall continue to work with the
College to adhere to pronouncements issued by the Governmental Accounting Standards Board
including GASB 39. The Foundation shall continue to provide the President financial reports
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