The University of Toledo

Net Asset Definitions

1. Unrestricted - Gifts given or other income, with no restriction or designation as to the use of the funds.
   1. Operating
      1. Undesignated - available for unrestricted use as approved by the Foundation Board of Trustees.
      2. Designated by the Foundation Board of Trustees for specific purposes in support of University initiatives.
         1. Board designations may be removed by the board.
   2. Board Endowed
      1. Board has decided to endow unrestricted funds to support University initiatives, with the amount available determined by the annual spending policy.
         1. This endowment can be removed by the Board.
2. Temporarily Restricted - Gifts or other income, with a specific restriction or designation as to the use of the funds.
   1. Operating - non-endowed, entire amount is available to be spent for designated purpose.
   2. Quasi Endowment
      1. Earnings on endowed funds (interest, dividends, and realized and unrealized gains and losses)
      2. Endowed gifts where the donor has agreed that the corpus can be invaded
3. Permanently Restricted - Gifts given with a specific restriction or designation as to the use of the funds.  The corpus of the original gift must remain intact. The actual amount available to be spent is determined by the Board's spending policy, which is reviewed annually.