The UT System Board of Regents released its final report from the Advisory Task Force on Best Practices Regarding University-Affiliated Foundation Relationships.
The final report includes five recommendations for relationships between System institutions and foundations, which were approved by the board in August. The recommendations require more transparency between System institutions and foundations. Currently, the foundations raise funds for the University with varying levels of oversight from administrators. Under the recommendations of the report, these institutions would be required to abide by a gift policy designed to regulate donations to ensure that donors are aware of the way in which their money is being used.
Among the recommendations, each System institution and affiliated foundation must establish a memorandum of understanding by May 2014. The report, which the board approved in August before its publication, also requires institutions and foundations to no longer share employees.
Last year in November, board Chairman Gene Powell formed the task force after the regents learned UT School of Law Dean Lawrence Sager received a $500,000 forgivable loan from the UT Law School Foundation, allegedly without administrative oversight. Sager later resigned as dean at Powers’ request, but remains a professor at the University.