Even though university foundations are private, they’re typically expected to communicate clearly with universities, said Merrill P. Schwartz, vice president for AGB Consulting. But that communication doesn’t always mean talking directly to faculty members or students. “Having good communication between foundations and universities and reporting on how funds are used is important and expected,” Schwartz said. “The communication is usually quite good, but it might not be with a student or faculty member.”
"Colorado is rare in electing regents to oversee its university system, a practice that is more common for community colleges. Just three other states--Michigan, Nebraska and Nevada--elect regents to exercise control over at least some of their universities, according to the Association of Governing Boards of Universities and Colleges."
There are lessons in this for policymakers across the country. The implicit dichotomy between a humanizing education and a lucrative one is false. Employers consistently say they seek graduates who can think independently and analytically. Students learn to do so by means of technical skills, of course — which public universities teach — but also by learning the great and timeless ideas an education at a Public Ivy conveys.
Some cautioned against setting overly restrictive standards for what outside work is and is not considered beneficial to the institution, however. Merrill Schwartz, vice president for AGB Consulting, said overly bureaucratic standards should be avoided.
“These are professional, grown people with good judgment, and they will come up with a standard for whether this is in the interest of the institution or not,” Schwartz said.
“Institution leaders should be thinking carefully about all these issues, reviewing and developing policies, and preparing to articulate how endowment management practices and policies advance institutional missions and purposes,” says David Bass, director of foundation programs and research at the Association of Governing Boards of Universities and Colleges.