Here is an example Investment Policy Brian Tucker got from somewhere else:

1. OBJECTIVE
The primary purpose of the endowment fund is to provide support for that part of the operating budget not supported by grants and gifts. Typically this will be for overhead types of expenditures. The endowment fund also serves as a "surge tank," counter-balancing periodic shortfalls when funding sources do not fully support necessary expenditures and being replenished in times to surpluses. While the payout may vary from year to year, the goal is to maintain the purchasing-power value of the endowment over time. This implies an average payout rate not to exceed 5 percent.

2. GUIDELINES
The endowment shall be managed on the basis of total return (interest and dividends, together with capital gains/losses). A rolling 3-year period will be used to judge performance. All other things the same, it is desirable that investment managers have a low annual expense ratio. For the stock-invested portion of the endowment, preference therefore is given to indexed or partially indexed funds. Asset allocation ranges for the overall endowment are as follows: cash equivalents and fixed-income investments, 25% to 40%; and equity investments, 60% to 75%. Periodic rebalancing should occur when these ranges are exceeded. Flexibility to changing conditions brought about by the passage of time, market performance, and the mission of GeoHazards is essential.

3. INVESTMENT REVIEW
It shall be the responsibility of the Board of Trustees to review at least annually the asset mix and investment performance, with the intent of assuring that endowment-fund investments meet these guidelines.