Resolution of the Board of Trustees of the University of the Virgin Islands Approving 
the Investment Re-allocation of the Original Corpus of the Quasi Endowment Fund 
under the Management of the Foundation for the University of the Virgin Islands 
 
 
WHEREAS, on June 15, 2013 the UVI Board of Trustees approved the transfer, to the Foundation for 
the University of the Virgin Islands (FUVI), of the Quasi-Endowment (defined as the initial federal 
grant received by the University of the Virgin Islands by virtue of its status as a land grant 
university and reinvested interest earned on that grant) and several other funds and scholarships 
for investment purposes; and 
 
WHEREAS, the Quasi-Endowment has produced favorable returns that has significantly benefited 
the University over the last several years, and 
 
WHEREAS, the $3M original corpus of the Land Grant Gift received by the University is required by 
federal law to be invested in bonds of the United States or of the States or some other safe bonds 
and that the principal thereof shall forever remain unimpaired, and 
 
WHEREAS, current market conditions allow for the original $3M to be invested in other safe bonds 
that would maintain the corpus, and 
 
WHEREAS the FUVI Board of Directors voted to recommend “to the UVI Board of Trustees, that in 
the interest of growing the original assets of the Quasi Endowment, the $3M be moved from the 
High Quality Bond Fund to one or a combination of the options indicated by Commonfund while 
keeping within the confines of the law governing the Land Grant funds”, and 
 
WHEREAS, Commonfund has recommended that the Quasi-Endowment be transferred from the 
High Quality Bond Fund into the State Street Institutional U.S. Government Money Market Fund. 
 
NOW THEREFORE BE IT RESOLVED: 
 
That the Board of Trustees of the University of the Virgin Islands authorizes the President and Vice-
President for Business Development and Innovation/Executive Director, Foundation for the 
University of the Virgin Islands to transfer the corpus of the Land Grant Gift, which are part of the 
University’s Quasi-Endowment that is presently managed by FUVI, from the High Quality Bond Fund 
to the State Street Institutional U. S. Government Money Market Fund. 
 
That this resolution shall be in full force and effect from and after its adoption. 
 
CERTIFICATION 
 
The Undersigned does hereby certify that the foregoing is a true and exact copy of a resolution of the 
Board of Trustees of the University of the Virgin Islands adopted at a meeting on June 2, 2018 as 
recorded in the minutes of said meeting. 
 
 
 
 
June 2, 2018 
_____________________________________ 
 
_____________________________ 
Secretary of the Board  
 
 
 
Date