Policies and Procedures
Procedure 205.3 – Establishing and Closing an Institutional Trust or Special Fund Account
December 15, 2004
March 22, 2010
Depending on the type, an institutional trust or special fund account, (hereafter referred to as “trust funds”), may be requested using the online UNC Account Request System or by submitting the Institutional Trust or Special Fund Account Request Form.
Each new trust fund, excluding contract and grant funds recorded with the Office of Sponsored Research, must be requested from and approved by the University Controller.
Using Online UNC Account Request System
Requests for new accounts must be processed using the online UNC Account Request System through Finance Central. The online UNC Account Request System can be used for the following types of new account requests, as they appear in the online system: University Expendable Gifts, Devises or Bequests, Allocations of Grants from Foundations, Residual Funds; University Endowments; Conference; Contracts and Grants (Excluding Sponsored Research), and Sales of Goods and Services.
This account request process includes the creation of an electronic request supported by imaging of all related documents, approval routing of the electronic document, and upon completion, a retrievable fund authority. The disbursing authority and creator of the account request will receive an email notification when the account and fund authority have been established.
Changes to the established account or fund authority, or the addition of subsequent correspondence or documents should be submitted on the original online account request document to maintain a historical data record of the account in the UNC Account Request System. The original document number may be obtained from Financial Account Request System (FRS).
Using the Institutional Trust or Special Fund Account Request Form (formerly AS-100 Form)
If an account type is not available in the online system, then the Institutional Trust or Special Fund Account Request Form should be completed, signed, and submitted to Accounting Services.
Upon approval of a new account, Accounting Services will
- Assign an account number;
- Complete fund authority;
- Send a copy of the fund authority to the disbursing authority of the account.
Changes to the disbursing authority and/or the address, fund name, source of funds, or purpose must be reported to Accounting Services so a revised fund authority can be prepared.
Significant correspondence regarding the trust fund should be copied and forwarded to Accounting Services for placement in the official account folder.
Closing a Trust Fund
If the purpose of the trust fund no longer exists, the disbursing authority should request that the account be closed. If the purpose of the account has been met, and the agreements have no restrictions on the use of the remaining dollars, the department may move the dollars to an appropriate account to be used to support the departmental mission.
To close an inactive trust fund, the disbursing authority, or disbursing authority's delegate, must submit a memo describing the status of the account to Accounting Services so the account can be closed.
Forms and Instructions
An UNC Account Request System user manual and computer-based training are located on the Finance and Accounting Training web page. These instructional tools will provide step-by step instructions for completing the account request.
- 205.3.1f - Institutional Trust or Special Fund Account Request Form
March 22, 2010