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University assets may be invested in the options discussed below, see policy for specific restrictions. Long-term assets are invested in GIP with the express purpose of generating current income. Assets invested in CEF focus focus on market appreciation. Due to market volatility, assets should be invested in GIP and CEF only if expenditures are not anticipated for at least three years or will be held in perpetuity.

The following funds may not participate in any investment pool for the benefit of departments:

• General Operations and Maintenance Funds
• Central Reserve Fund
• State Special Funds
• Indirect Cost Recovery Funds

Temporary Investment Pool (TIP)

The Temporary Investment Pool reflects the operating reserves of the University. The pool is internally managed and daily cash balances are invested by the Office of Investments and Banking per the Board of Regents Temporary Investment Pool guidelines. Assets required for short-term use are invested in TIP.

Group Income Pool (GIP)

The Group Income Pool is a unitized pool consisting of long-term reserves. Assets are invested per the Board of Regents Investment Policy with a focus on maximizing total return and assets are subject to market volatility.

Participation in GIP requires a minimum of $25,000 as an initial deposit and subsequent deposits must be in increments of at least $10,000. The fund DeptID designated for deposit must have a positive aggregate balance. No transfers into GIP will be approved in cases where deficits exist (or would be created by the transfer) in the corresponding fund DeptID. GIP shall be limited to a maximum amount of reserve balances as determined from time to time by the CFO and the CIO.

Endowment principal is not allowed in GIP.

For further information regarding GIP participation please see the "Participating in the Group Income Pool" policy and complete form UM 1638 "Contributing to or Withdrawing From the Group Income Pool.

Consolidated Endowment Fund (CEF)

The Consolidated Endowment Fund is the primary investment portfolio for all public and private gifts to the Regents of the University of Minnesota. CEF is a unitized pool consisting of endowment funds (i.e. true, quasi, term and life income) with the primary investment objective of asset appreciation. Funds invested in CEF are exposed to market volatility and are generally maintained in perpetuity in support of the University's mission.

To participate in CEF units notify Accounting Services.

Permanent University Fund (PUF)

Permanent University funds are invested in CEF. See the following financial procedures for more:

• Requesting Approval for PUF Chairs
• Establishing Permanent University Fund Endowments

Separately Invested Funds (SIF)

A SIF fund is only established with a documented request from a donor for separate investment. Each fund is subject to individual restrictions relating to the ultimate disposition of the fund and the use of principal and income. Departmental funds qualifying for one of the other investment pools cannot be separately invested. Requests for any other separately invested funds must be authorized by the Controller or the Treasurer. Accounting Services is responsible for setting up the SIF account. The Office of Investments and Banking is responsible for overseeing the invested assets.