The Harvard Open Access Project has released Good Practices For University Open-Access Policies.
Here's an excerpt:
This is a guide to good practices for university open-access (OA) policies. It’s based on the type of policy adopted at Harvard, Stanford, MIT, U of Kansas, U of Oregon, Trinity, Oberlin, Rollins, Wake Forest, Duke, U of Puerto Rico, Hawaii-Manoa, Columbia, Strathmore U, Emory, Princeton, Jomo Kenyatta, Utah State, Bifrõst, Miami, California-San Francisco, and the U Massachusetts Medical School (listing some but not all, and in chronological order). However, it includes recommendations that should be useful to institutions with other sorts of OA policy as well.
The guide is designed to evolve. No early version will cover every point on which good practices would be desirable or might be discernible. We plan to revise and enlarge it over time, building on our own experience and the experience of colleagues elsewhere. We welcome suggestions.