1.21 Expenditures from Gifts or Trust Funds

Expenditures from gifts or trust funds or from income thereof shall be made in accordance with budgets approved by the Board of Curators and such expenditures shall be made in accordance with regular University policies andprocedures and with requirements requested by the donors and approved by the Board. In all cases where noinstructions have been provided by the donors, the Board shall approve the expenditures.

No pledge shall be made of or encumbrance placed upon any of the securities or other investments of the University, other than a pledge of securities in the General Fund upon the approval of the Board of Curators.