|
|
 |
|||||||
Associated Entity – Creation and Retention
Authority: Issued by the Chancellor. Changes or exceptions to administrative regulations issued by the Chancellor may only be made by the Chancellor. History: First Issued: January 8, 2008. Additional History Information. Related Policies: The UNC Policy Manual, Section 600.2.5.2 [R] – Required Elements of University-Associated Entity Relationship Contact Info: Associate Vice Chancellor for Finance and Business, Treasurer's Division, 515-2143 1. INTRODUCTION The UNC Board of Governors adopted Policy 600.2.5.2(R) to establish requirements for the relationship of an associated entity to North Carolina State University. The Policy defined associated entities, established guidelines for the creation of associated entities, established organizational and operational requirements of an associated entity, and prescribed consequences for failure to comply with the requirements. The Policy specifies that the Chancellor or Chancellor's designee must approve in writing an Associated Entity in order for the Associated Entity to receive University-provided services or to use the University's name or logo/trademark in fundraising. This regulation addresses the procedure for approval of associated entities and for removal of approved status for failure to abide by UNC Policy or NC State University policies or regulations that govern associated entities. 2. DEFINITIONS 2.1 “UNC Policy” – UNC Policy 600.2.5.2(R) establishing requirements for Associated Entities 2.2 All definitions used in the UNC Policy remain consistent for implementation at North Carolina State University. 3. ESTABLISHMENT AND APPROVAL OF AN NC STATE UNIVERSITY ASSOCIATED ENTITY 3.1 Procedure for Establishment and Approval of an Associated Entity 3.2 The creation of a new Associated Entity must comply with the UNC Policy-defined requirements of an associated entity. 3.3 A written request, including the following items, must be submitted through the Vice Chancellor for Finance and Business to the Chancellor for approval prior to legal establishment of the entity: a. Proposed name of the entity b. Purpose of the entity c. Reasons to establish a new entity d. Concurrence to abide by Associated Entity Requirements 4.1 In compliance with the UNC Policy, the following information should be submitted to the Associate Vice Chancellor for Finance and Business within 150 days after the Associated Entity's fiscal year end. a. A list of all members of the Associated Entity's board b. A copy of the publicly disclosed portion of the Associated Entity's Form 990, or other series 990 form c. A copy of the Associated Entity's CPA audit report and related management letters and responses to management letters 5. CONSEQUENCES OF FAILURE TO COMPLY WITH REQUIREMENTS 5.1 Failure of an Associated Entity to receive an unqualified audit opinion, to comply with the reporting requirements of the UNC Policy, or to satisfactorily implement a corrective action plan in response to an audit finding may result in the Associated Entity's losing its approved status. 5.2 The Chancellor may remove the approved status of any Associated Entity that fails to abide by the UNC Policy governing Associated Entities. 5.3 If the application of any of the requirements of the UNC Policy to a particular Associated Entity in specific circumstances is of limited benefit and is unduly burdensome, the Chancellor can request that the UNC President waive that requirement as to that specific Associated Entity under circumstances that are set out in writing. Requests for waiver to the Chancellor will require extraordinary justification. 5.4 If an Associated Entity loses its approved status, all NC State relationships as described in the UNC Policy will be terminated. In such an event, it is likely that the Associated Entity will be dissolved. In accordance with the UNC Policy, upon dissolution of the Associated Entity, all of its assets will revert to NC State University or another NC State University approved Associated Entity (unless otherwise designated by the donor of an asset).
|
|||||||||
 |
|||||||||
