The new MOU guide aims to streamline collaboration, boost fundraising effectiveness, and ensure strategic alignment between colleges or universities and their affiliated foundations.
WASHINGTON, Sept. 5, 2024 /PRNewswire-PRWeb/ -- The Association of Governing Boards of Universities and Colleges (AGB) is proud to announce the release of Memoranda of Understanding Between Public Institutions and Affiliated Foundations. This guide is designed to help improve the partnerships between higher education institutions and their affiliated foundations. It provides actionable recommendations and a framework that allows the memorandum of understanding (MOU) to enhance teamwork, encourage innovation, and align institutional goals with foundation efforts.
In the context of higher education foundations, an MOU is a formal agreement between a college or university and the affiliated foundation that defines the roles, responsibilities, and expectations of both parties. The MOU between a university and its affiliated foundation is crucial for developing a shared consensus about how these separate entities will work together to support the institution's mission and goals. A well-crafted MOU fosters clarity and transparency, mitigates risks, and builds trust, ensuring accountability and strategic alignment.
The value of AGB's guidance lies in its comprehensive approach to fostering strong institution-foundation partnerships. One of the key elements highlighted in the resource is the importance of undertaking an inclusive process focused on establishing a shared vision for the partnership in addition to documenting and affirming the role of the foundation and its status as a separate, publicly supported charity.
David Bass, AGB executive director of philanthropic governance, emphasized the importance of this framework. "The MOU documents the foundation's role, key structural and operational aspects of the partnership, and agreements to ensure strategic alignment. It also mandates specific policies and practices enabling both the institution board and the foundation board to fulfill their fiduciary responsibilities," he said. "Private donations are now essential for public colleges and universities to offer affordable education, support student success, and fund mission-critical functions. A well-crafted MOU is one tool to help institutions and foundations develop robust strategic partnerships and sustain those relationships throughout leadership transitions."
To further support institutions, the guide features two detailed examples, complete with annotations. These are tailored to address the needs of both less complex partnerships, such as those at community colleges and regional universities, and more complex arrangements at larger institutions where the foundation may be more financially and operationally independent and provides services and support across the campus.
Additionally, the resource advises higher education leaders to establish which stakeholders and what issues they need to consider in the development process. Effective MOU development requires the active participation of key individuals, including the institution's president, the foundation CEO, board leaders, and legal counsel. A successful process achieves a commitment to collaboration and trust that addresses the specific needs of the institution-foundation partnership.
"Robust, well-defined, and aligned institution-foundation partnerships are vital to the future of public higher education. Achieving that result starts with a carefully crafted MOU," said Fram Virjee, AGB president and CEO. "As a former university president and foundation board member, I know firsthand how much collaboration means for success. I am excited to see the latest demonstration of AGB's commitment to foundations and public higher education reach the hands of our members."
Memoranda of Understanding Between Public Institutions and Affiliated Foundations is now available to AGB members as a complimentary digital download, with print copies available at member-preferred pricing. For more information, visit AGB.org.
About AGB
At the Association of Governing Boards of Universities and Colleges (AGB), we believe in the power of higher education to transform lives, strengthen inclusive democracy, and support a thriving society. We believe that strong higher education starts with great governing boards. AGB provides advocacy, leading practices, educational resources, expert support, and renowned programs that advance board excellence for 40,000 AGB members from more than 2,000 institutions and foundations. For more than 100 years, AGB has been the trusted authority for board members, chief executives, board professionals, and key administrators on higher education governance and leadership. Learn more at AGB.org.
Media Contact
Morgan Alexander, AGB, 1 2027760853, [email protected], www.AGB.org
SOURCE AGB
Share this article