Division 1. Financial
6. Money held by the Foundation
All money held, received or raised for the Foundation, and all accumulations from the investment of money held for the Foundation, must be held by the University and recorded in a separate University ledger account in the name of the Foundation.
1. Money held for the Foundation may be invested by the University, either separately or in common with other funds of the University.
2. If money is invested in a common fund the investment must be identified as a separate sub-fund of the common fund.
8. Report by University on investment of money
The University must, by 31 March in each year, cause to be submitted to the Association a report on the investment of money held by the University for the Foundation for the previous calendar year.
Money held by the University in the name of the Foundation may be expended, both as to capital and income, only—
a. in accordance with the objects of the Foundation and on the recommendation of the Association;
b. to pay administration fees (if any) imposed by an external investments manager.
Division 2. The Association
10. Business and affairs of the Foundation
The business and affairs of the Foundation are vested in the Association.