UETIANS Lahore Endowment Foundation (www.ULEFUSA.org), holds its assets in three types of funds as explained here and donors can choose a fund and advise for its intended use and foundation will ensure your chosen path if followed in letter and spirit..
These are funds donated by individual donors but their use is left to the board’s discretion, without the condition of perpetual investment and annual draw. It is left to the board to decide to invest in perpetuity or fund a priority project that cannot wait for too long and has a value proposition.
These funds are also held in perpetuity with along restricted funds but their utilization of draw is strictly as advised by the donor and the board simply executes their wish as long as it supports alma mater. This is to attract funds held by individual donors in trusts and have a predefined goal on how to help their alma mater
These funds are held in perpetuity for growth ETF at Fidelity Investments. Only a percent single annual draw is permitted through board resolution based on the average of previous three years’ growth, not to exceeding 10%. Governing board decides the use of these annual budgeted funds.
Introducing emerging technologies, upgrading facilities, engaging foreign trained instructors, and establishing state-of-the-art laboratories.
Supporting advanced research and development (R&D), cultivating critical thinking, promoting entrepreneurship, and fostering collaboration with local and American industries.
Providing access to higher education for UET Lahore students, offering internships, supporting startups, and contributing to a stronger job market in both Pakistan and North America.
Funds are invested in perpetuity with the third-party professionals at Fidelity Investments in sharia compliant ETFs with sound expertise in managing endowment funds. Annual withdrawals would be initiated by a BoD resolution and requires at least three signatures from the Board including the chairman. Also, the account will be set up with no other withdrawal methods.
Ant draw under $999 and authorized by board to meet expense can be made with single signature. Any amounts above $1,000 would need an additional signature from the BoD.
These are funds donated by individual donors but their use is left to the board’s discretion, without the condition of perpetual investment and annual draw. It is left to the board to decide to invest in perpetuity or fund a priority project that cannot wait for too long and has a value proposition.
As a charitable organization, the foundation is committed to maintaining up-to-date and accurate financial records in compliance with Generally Accepted Accounting Principles (GAAP). These records will be diligently managed by an independent Certified Public Accountant (CPA) to ensure the preparation of precise accounts and financial reports that adhere to the standards set by the American Institute of Certified Public Accountants (AICPA).
Annual financial reports, compliant with AICPA standards, will be made accessible to all individual members, including associate members.
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