Separately Invested Funds (SIF)

Separately invested funds are primarily gifts of securities which by virtue of the terms of the gift, administrative decision, or practical expediency cannot be liquidated and combined with other investment pools and managed externally. These figts are always established as endowments. SIF funds are accounted for on a market-value basis. Each separately invested fund has its own investment objective specified by the terms of the gift or by administrative decision.