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LARAMIE, Wyo. (AP) — The University of Wyoming Foundation is considering changes to its polities to put its money to use and not leave it sitting in bank accounts wasting away.
The Laramie Boomerang reports (http://bit.ly/1PnSo6n ) that a policy change in the works would put underused money into a larger, intermediate-period investment to maximize returns.
UW Vice President of Administration Bill Mai says currently money is placed in low-yield accounts for easy access. However some donations are earmarked for specific programs, meaning they can sit in a bank account for a longer time.
"Sometimes, the returns of invested money aren't used and accumulate in the account," Foundation President Ben Blalock said. "This money can be better used in other, high-yield accounts instead of sitting in a smaller account where it's meant to be used more readily."
Any investment growth made by the endowment would go toward the designated area.
"These funds are always for the purpose that they were originally invested for," Blalock said.
The foundation currently controls a total of $616.5 million and delivered $6 million in scholarships and contributed $32.5 million in other support areas in 2014.
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Information from: Laramie Boomerang, http://www.laramieboomerang.com
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