Policies Governing the Relationship Between the Foundation and the University 9302

I. PURPOSE

The purpose of this policy is to define the relationship between the University and the Foundation.

I. POLICY

The Longwood University Foundation, incorporated on July 17, 1959 as a 501(c)(3) nonprofit organization, was established to support the goals and aspirations of Longwood University. The Foundation was created under the laws of the State of Virginia to serve Longwood University as an organization to foster the image of Longwood and, through its actions, enhance the academic, social, and physical growth of the University. The Longwood University Foundation, Inc. assists the University in raising, investing and distributing funds to support various University operating and endowment programs, along with monitoring donor stewardship requirements.

The Foundation receives, administers, and distributes private funds for the purpose of supporting Longwood University and its programs.

The details of the relationship between the Foundation and the University can be found in the Foundation's Articles of Agreement, Articulation Agreement, and Bylaws which are found by visiting the Longwood University Foundation, Inc. website.

Approved by the Board of Visitors, September 7, 2002