casemark/endowment-policy-statement
skills/legal/endowment-policy-statement/SKILL.md
Drafts a Board-ready Endowment Fund Investment and Spending Policy Statement for 501(c)(3) nonprofits, covering UPMIFA compliance, asset allocation, spending methodology, underwater fund treatment, and fiduciary roles. Use when creating or updating endowment governance policies, institutional fund stewardship documents, or board-adoption investment and spending guidelines.
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Last scanned: Aug 8, 2026, 4:04 AM169.8s1 file scanned
SKILL.md
- name:
- endowment-policy-statement
- language:
- en
- description:
- Drafts a Board-ready Endowment Fund Investment and Spending Policy Statement for 501(c)(3) nonprofits, covering UPMIFA compliance, asset allocation, spending methodology, underwater fund treatment, and fiduciary roles. Use when creating or updating endowment governance policies, institutional fund stewardship documents, or board-adoption investment and spending guidelines.
Endowment Policy Statement
Produces a governance instrument for 501(c)(3) endowment management compliant with UPMIFA or applicable state law.
Prerequisites
Gather before drafting. Search uploaded documents (bylaws, gift agreements, financials, board resolutions) to pre-populate.
- Organization — legal name, state of incorporation, fiscal year end, governing statute (UPMIFA or other)
- Endowment structure — total AUM, fund categories (true/term/quasi), pooled vs. separate, donor-imposed restrictions
- Investment profile — advisors/managers, risk tolerance, ESG/mission restrictions, prohibited investments, alternatives experience
- Governance — Investment Committee composition and cadence, staff roles, delegation authority
- Spending — target rate (%), averaging period (12 or 20 quarters), underwater philosophy, budget dependence
- Special circumstances — unusual donor restrictions, pending gifts, legal matters, prior policy conflicts
Quick Start
- Collect prerequisites above
- Confirm governing statute — verify state UPMIFA adoption before drafting
- Draft sections in order below, replacing all bracketed placeholders with org-specific data
- Present for legal counsel review before Board adoption
Document Sections
| # | Section | Key Content | |---|---------|-------------| | 1 | Title & Recitals | Policy name, adoption date, legal name, effective date, supersession clause | | 2 | Purpose & Scope | Fiduciary framework, UPMIFA citation, fund types, intergenerational equity | | 3 | Investment Objectives | Total return mandate, target real return (% above CPI, rolling 10-yr), permissible volatility | | 4 | Asset Allocation | Target allocations + allowable ranges per asset class | | 5 | Rebalancing | Trigger thresholds, method (cashflow vs. trades), approval authority | | 6 | Spending Policy | Formula, methodology, timing, floor/ceiling treatment | | 7 | Underwater Endowments | Monitoring triggers, spending suspension/reduction, restoration plan, donor notification | | 8 | Roles & Responsibilities | Board, Investment Committee, staff, external managers, conflict-of-interest | | 9 | Review & Amendment | Annual cycle, amendment process, interim amendments | | 10 | Adoption | Board Chair/Secretary signatures, date, corporate seal line |
Key Templates
Asset Allocation Table
| Asset Class | Target % | Allowable Range | |---|---|---| | Domestic Equities | [X]% | [X–Y]% | | International Equities | [X]% | [X–Y]% | | Fixed Income | [X]% | [X–Y]% | | Real Assets | [X]% | [X–Y]% | | Alternative Investments | [X]% | [X–Y]% | | Cash & Equivalents | [X]% | [X–Y]% | | Total | 100% | |
Spending Formula
Annual Spending = Spending Rate × Average Market Value
- Spending Rate: [X]% (typical 4.0–5.5%)
- Average Market Value: mean of quarter-end values over [12 or 20] trailing quarters
- Calculation Date: [X] months before fiscal year start
Underwater Endowment Approaches
| Approach | When to Use | |---|---| | Full suspension — no spending until restored above historic dollar value | Conservative; donor-sensitive environments | | Proportional reduction — spending scaled to current / historic value | Balances mission needs with stewardship | | Continued spending — normal rate after UPMIFA prudence analysis | Operationally dependent organizations |
Roles Summary
| Party | Authority | |---|---| | Board | Ultimate fiduciary; approves policy, IC appointments, material amendments | | Investment Committee | Recommends changes; selects/monitors managers; reports to Board | | Staff (CFO/Treasurer) | Implements decisions; maintains records; prepares reports | | External Managers | Discretionary/advisory as delegated; subject to IPS guidelines |
Pitfalls & Checks
- UPMIFA factors — spending decisions must address all seven factors: fund duration/preservation, org and fund purposes, economic conditions, inflation/deflation, expected returns, other resources, gift instrument. Verify state-specific adoption.
- Jurisdiction — a minority of states have not adopted UPMIFA; confirm governing statute before drafting
- Quasi-endowments — clearly distinguish board-designated funds (revocable) from donor-restricted; require separate accounting
- IRS rules — IRC §§ 4943–4944 (excess business holdings, jeopardizing investments) apply to private foundations; confirm public charity status before relying on permissive standards
- Delegation — document any discretionary authority to managers in writing; Board retains ultimate accountability
- No placeholders in final — replace all bracketed fields with org-specific data before Board presentation
- Legal review required — counsel must review for alignment with state UPMIFA enactment, governing documents, and gift agreements
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