Routine Services
routine services OVERVIEW
The Foundations Accounting and Investments (FAI) Office functions as a multi-service organization to eight affiliated University foundations, the NC State Investment Fund, Inc., the Alumni Association, and The Endowment Fund. Services include accounting, budgeting, tax reporting, investment management, financial reporting, board communications, real estate reporting, benchmarking, audit coordination, and interface with campus units. In addition, the office interacts with other university foundations not serviced by the FAI staff, including the Student Aid Association, and the North Carolina Textile Foundation.
The Endowment Fund is statutorily created and meets semi-annually. Routine activities of The Endowment Fund include gift acceptances, investment performance analysis, communication with investment managers, real estate reports and spending budget allocations.
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. Each foundation has a separate, independent board of directors. There is a wide variation in operational and informational requirements among the foundations.