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Policies and Procedures

Procedure 205.2 – Establishing an Endowment Fund Account

Effective
July 1, 1996
Last Updated
April 30, 2010
Responsible University Officer
University Controller
Responsible Unit
Accounting Services

Procedure Statement

This procedure is for establishing an endowment fund account, where the principal is to remain intact (the gift exists in perpetuity) and is to be invested to produce income that may be expended or reinvested.

Each new endowment fund must be accepted by the Board of Trustees of the Endowment Fund on the recommendation of the Chancellor.

Requests to establish a new endowment fund account must be processed by the Office of University Development using the “University Endowments” module of the online UNC Account Request System. The UNC Account Request System is designed to request new accounts for the University and includes the creation of an electronic request supported by imaging of all related supporting documents, approval routing of the electronic document, and upon completion, a retrievable fund authority. The disbursing authority and account request creator will receive email notification when the account and fund authority have been established.

Modifications to the established account or fund authority, or the additions of subsequent correspondence or documents should be submitted on the original online account request document to maintain an historical data record of the account in the UNC Account Request System. The original document number may be obtained from the University Financial Records System (FRS).

Forms and Instructions

A UNC Account Request user manual and computer based training are located on the Finance and Accounting Training web page.

Related Data

Finance Central (Secure Logon Required)

History

Revised:
April 30, 2010