NOTICE: The Finance Policies and Procedures Manual, along with the previous manual, is undergoing changes. These sites are continually updated to reflect changes in business processes. If you cannot find the information you are seeking in these policies, email financecomm@unc.edu for more information.
Policies and Procedures

Procedure 405.1 – Adding and Withdrawing Endowment Funds

Effective
July 1, 2007
Last Updated
February 1, 2010
Responsible University Officer
University Controller
Responsible Unit
Accounting Services

Procedure Statement

Addition of endowment funds

Gifts are received via automated journal entry batches to the established endowment accounts. Each month Accounting Services verifies available cash in the University endowment accounts and wire the funds to the Investment Fund.

For additions to endowment principal that are not gifts, the department must complete an Account Adjustment Request Form, and submit to Accounting Services. Accounting Services will review the request, verify funds availability and approve the request for posting.

Withdrawal of endowment funds

The disbursing authority of the endowment account should submit the following:

A memo to the University Controller requesting withdrawal with a detailed explanation of circumstances for such withdrawal, including an approval signature from the Dean’s office, Division Head, or Departmental Chair.

Completed University Endowment Fund Withdrawal Form with specific FRS account number, name and the amount to be withdrawn.

An Account Adjustment Request Form to move withdrawn amount to the appropriate accounts(s)

Forms and Instructions

  • 405.1.1f - University Endowment Fund Withdrawal Form
  • # TBD Account Adjustment Request Form (AJ1)

Related Data

406.1 - Reinvesting and Transferring Endowment Income

History

Revised:
February 1, 2010