I. Ancillary Financial Policies

(Note: OLPM sections on this page may be cited following the format of, for example, "BOT.IV.I.1.1". These policies may be amended at any time, do not constitute an employment contract, and are provided here only for ease of reference and without any warranty of accuracy. See OLPM Main Menu for details.)


I. Ancillary Financial Policies

  1. Receipt of Negotiable Instruments
    1. All gifts received in the form of negotiable instruments shall be immediately forwarded to the University System of New Hampshire Treasurer for pricing through recognized reference publications or brokers as of the date of transfer of title, and immediately offered for sale through a registered broker by the Treasurer.
    2. When retention of the stock is requested by the donor, gifted instruments may be dealt with in accordance with the following procedures:
      1. For gifts of stock valued at $25,000 or less, the Chair of the Investment Committee, at his/her discretion, may invoke an exception to policy and retain the gifted stock in its original form for a period determined by the Chairman.
      2. For gifts of stock valued in excess of $25,000, the Chair of the Investment Committee through the Treasurer shall poll the Committee as to the donor's request before invoking an exception to policy.
      3. All action taken by the Chair of the Investment Committee and the Committee shall be reported to the Board of Trustees.
  2. Holding Equity in Start-up Companies
    1. The Board supports the transfer of technology and intellectual property from USNH institutions to industry by a variety of means including the granting of licenses to start-up companies in exchange for equity interests. Subject to the conditions established in this policy, USNH and its component institutions may acquire and hold equity interests in one or more start-up companies in exchange for the transfer of technology and other intellectual property.
    2. The Chancellor, in consultation with the Administrative Board shall establish such System-wide policies as may be necessary to ensure the prudent management of equity interests acquired or held under this policy.
    3. The Presidents shall establish such institutional policies as may be necessary to ensure the prudent management of equity interests acquired or held under this policy at their respective institutions.
      1. Said institutional policies, at a minimum, shall address the following issues:
        •   Conflicts of interest
        •   By whom the decision to divest is made
        •   On what basis the decision to divest is made
        •   Distribution of the proceeds of divestiture
      2. In no case shall an institution hold an equity interest after the start-up company's initial public offering, or as soon as permitted under governmental regulations.
    4. On or before September 1 of each year, the President of any institution holding an equity interest in a start-up company at any time during the previous fiscal year shall report those holdings to the USNH Treasurer including, at a minimum, the date acquired, number of shares, book value, and name of the company.
    5. On or before November 1 of each year, the USNH Treasurer shall report to the Finance Committee on Investments the information collected pursuant to the previous section.
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