*From the point of view of a full professor
PRIDE
at the College of Business at the University of Southern Mississippi*
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Our core mission reflects taking PRIDE in all we do - Professionalism, Respect, Integrity, Discipline, Excellence
Compare what the University and the Foundation have to say. The comparison will produce a number of confusing and inconsistent statements.
The University (according to the The Operating Agreement between the University of Southern Mississippi and The University of Southern Mississippi Foundation) agrees that:
"The assets of the Foundation are the exclusive property of the
Foundation and do not belong to the University." (Operating Agreement, para. 1B)
"the Foundation is not a subsidiary or affiliate of the University and is not directly or indirectly controlled by the University.
" (Operating Agreement, para. 1)
"the University shall, at no additional cost to the Foundation, during the term of this Agreement: .... Provide to the Foundation all personnel necessary for the performance of its duties under this Agreement; the compensation of such personnel, together with all fringe benefits, employment taxes, and other costs thereof, shall be set and paid by the University." (Operating Agreement, para. 3A)
"It is understood and agreed that the Foundation, its officers, employees, and agents, if any, shall act solely in the capacity of an independent contractor and not as employees of or agents for the University . (Operating Agreement, para. 9)
"All such personnel shall be under the full supervision and control of the University and shall for all purposes be considered employees of the University." (Operating Agreement, para. 3a)
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"The assets of the Foundation are the exclusive property of the
Foundation and do not belong to the University." (Operating Agreement, para. 1B)
"the Foundation is not a subsidiary or affiliate of the University and is not directly or indirectly controlled by the University.
" (Operating Agreement, para. 1)
"the University shall, at no additional cost to the Foundation, during the term of this Agreement: .... Provide to the Foundation all personnel necessary for the performance of its duties under this Agreement; the compensation of such personnel, together with all fringe benefits, employment taxes, and other costs thereof, shall be set and paid by the University." (Operating Agreement, para. 3A)
"It is understood and agreed that the Foundation, its officers, employees, and agents, if any, shall act solely in the capacity of an independent contractor and not as employees of or agents for the University . (Operating Agreement, para. 9)
"All such personnel shall be under the full supervision and control of the University and shall for all purposes be considered employees of the University." (Operating Agreement, para. 3a)
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The Foundation (what it tells the public on its website) agrees that:
"The USM Foundation is a nonprofit 501(c)(3) organization that serves as a fiduciary of private funds donated to Southern Miss. Administered by a volunteer board of directors, The Foundation manages and invests these private funds in accordance with reasonable and prudent management and investment procedures."
(A fiduciary is defined as "An individual, corporation or association holding assets for another party, often with the legal authority and duty to make decisions regarding financial matters on behalf of the other party."
http://www.investorwords.com/1932/fiduciary.html)
"The Foundation considers these documents (contributions made to the Foundation by me, for example) privileged and confidential and are not subject to production ...". Letter from Paul Richard Lambert, University Counsel, dated March 15, 2006)
"The USM Foundation is a nonprofit 501(c)(3) organization that serves as a fiduciary of private funds donated to Southern Miss. Administered by a volunteer board of directors, The Foundation manages and invests these private funds in accordance with reasonable and prudent management and investment procedures."
(A fiduciary is defined as "An individual, corporation or association holding assets for another party, often with the legal authority and duty to make decisions regarding financial matters on behalf of the other party."
http://www.investorwords.com/1932/fiduciary.html)
"The Foundation considers these documents (contributions made to the Foundation by me, for example) privileged and confidential and are not subject to production ...". Letter from Paul Richard Lambert, University Counsel, dated March 15, 2006)