Administrative Policies

(1) The University of Central Arkansas shall become a member of the Common Fund for nonprofit organizations ("The Common Fund"), a New York membership corporation, pursuant to the constitution, by-laws and rules of the Common Fund, thereby becoming entitled to invest in the various investment funds established and maintained or sponsored by the Common Fund.

(2) To authorize the person holding the office of Vice President for Financial Services, referred to herein as an authorized person, to act on behalf of and in the name of the institution in matters relating to the Common Fund and, in particular, to specify to the Common Fund the investment fund(s) of the Common Fund in which assets of the institution should be invested or to which they should be transferred, to specify the distribution option or options applicable to such investments, to withdraw all or any portion of the assets from any one or more of the investment funds, to make representations and warranties and to extend covenants binding upon the institution, and generally to conduct affairs with the Common Fund on behalf of the institution, subject, however, to the understanding that any withdrawal shall be limited to a remittance by the Common Fund to a bank or other depository institution for credit to an account of the institution.

(3) To authorize the Vice President for Financial Services (I) to designate one or more additional persons, who may or may not be officers of the institution, to act for and on behalf of the institution as if directly authorized pursuant to paragraph 2 hereof, and (II) to certify to the Common Fund, and, in the case of the short term fund, to Corestates Bank, N.A., as trustee (The "Trustee") the identity and the authenticity of the signatures of the persons so designated. Persons so designated are each intended to be included in references in later paragraphs of this resolution to authorized persons.

(4) This resolution shall supersede prior resolutions concerning the subject matter hereof to the extend inconsistent herewith and shall continue in full force and effect until written notice of any amendment or rescission hereof has been received by the Common Fund, and, in the case of the short term fund, The Trustee.

(5) The secretary of the Board of Trustees or any one of the authorized persons designated herein or pursuant hereto may certify to the Common Fund and to The Trustee and to any affiliate of either, as to the adoption of this resolution and the text hereof and as to the identity and authenticity of the signatures of each person authorized in paragraph 2 and pursuant to paragraph 3 to exercise one or more of the powers conferred herein. Such certification as to identity and authenticity may be made on fund transfer agreements or money transfer agreements or otherwise. The Common Fund and The Trustee shall be entitled as against the institution to presume conclusively that the persons so certified shall continue to be authorized to act on behalf of the institution until otherwise notified in writing by an authorized person.

(6) Each authorized person listed in paragraph 2 is authorized to enter into a trust agreement (The "Trust Agreement") with The Trustee for the purpose of arranging for the management of that portion of the institution's funds that are normally invested in short to intermediate term fixed dollar securities. Each authorized person may from time to time transfer such funds to The Trustee with the understanding that the Trustees will invest the funds, in accordance with the terms of the trust agreement, in the Common Fund for short term investments (The "Short Term Fund"), under the terms set forth in the plan dated September 9, 1974, as amended, such funds, as so deposited, being referred to herein as the "Trust Fund." Each authorized person is authorized, in respect of the institution's investments under the trust agreement, to make contributions to, and withdrawals from, the Trust Fund, and to give instruction to, and otherwise to effect transactions with the Trustee, subject, however, to the understanding that any withdrawal of funds shall be limited to a remittance by the Trustee to a bank or other depository institution for credit to an account of the institution.

Comments and suggestions about Administrative Policies are appreciated.
Administrative Policy contents comments to: Susan Lilly, SusanL@uca.edu