Common use of Shared Mission Clause in Contracts

Shared Mission. 1. The University and the Foundation agree to work as partners to strengthen the University through activities that support the mission and priorities of the University. Both the University and the Foundation have a shared interest in ensuring that each adheres to industry best practices as well as to a governance structure that guaranties all decisions remain free from political pressure, conflicts of interest and the disproportionate influence of any individuals(s). The underlying philosophy and belief of the Foundation and the University is that adherence to industry best practices and such governance structure will provide a “check and balance” which will work to safeguard the interest of the University and its donors, with such “check and balance” often being manifested in this Agreement through the requirement that many actions described herein must be separately approved by each of the Foundation’s Board of Directors and the University’s Board of Trustees. 2. The Foundation is primarily responsible for stewarding donations received for the University’s overall enhancement in accordance with donor intent and consistent with the Foundation’s fiduciary responsibilities. The University (and its affiliated entities) are the sole beneficiary of the assets managed by the Foundation. 3. To ensure effective achievement of the items in this Amended MOU, the University and Foundation officers and representatives shall hold periodic meetings to ▇▇▇▇▇▇ and maintain productive relationships and to ensure open and continuing communications and alignment of priorities.