1 / 17

Endowment Consolidated Report

Endowment Consolidated Report. A very useful tool in monitoring the overall status of your Endowments. But First Some-Definitions.

kass
Download Presentation

Endowment Consolidated Report

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Endowment Consolidated Report A very useful tool in monitoring the overall status of your Endowments

  2. But First Some-Definitions • Endowment – A special fund whereby the principal is held for investment and the (payout) interest earned on the principal is spent as directed by the donor. Requires *$40k to set up a basic endowment, $100K Fellowship, $300K Professorship, $2.5M Chair. • True – Donor specifies principal is to be invested and maintained in perpetuity; only the income distribution (Payout) may be expended as per the designations in the signed endowment agreement. • Quasi – funds functioning as an endowment, that are set aside by the institution from either donor or institutional funds, and will be retained and invested and the payout expended as per the institutions designation. • Setup Forms and Naming-Approval Forms *Policy effective date 8-1-06

  3. Fiduciary Responsibility • With the acceptance of endowment funds from an outside donor does the University have a Fiduciary Responsibility? • Yes! We need to make sure the funds are held and expended in compliance with donors wishes • Do all endowments have a governing document which indicates how the payout is to be spent? • Yes! • Please let me know if you need a copy of the endowment agreements or need to know the purpose/restriction on any of your endowment

  4. Consolidated Endowment Report Handout • Handout - Please copy the handout for your staff. • Make sure everyone that deals with endowments is aware of this report and that it can be run ANYTIME

  5. Endowment Consolidated Report

  6. Principal (35,55,72) • Donations (Cash, Gift in Kind) • Transfers in by Department

  7. Endowment Income Fund 32 • Fund 32 Income shows capital appreciation/interest earned on the invested principle • Investment Pool (Account 1120) • Ensign Peak (Church Entity) • Investment Pool Buys and Sells-Net Claim on Cash • Monthly earnings Journal entry

  8. Checking the Investment Pool The Financial Services web page

  9. Checking the Investment Pool • Click on “Organizations and Services” > “Services” > “Banking, Cash, and Investment”

  10. Checking the Investment Pool • Click the link “Investment Pools Monthly Performance Return Chart”

  11. Checking the Investment Pool • Shows returns in the Investment Pool • Claim on cash – Proposed Endowment

  12. Subtotal • 35,55,or 72 + 32 • Shows balance that cannot be spent

  13. Operating Fund 31 • Shows the balance that should be spent as per restriction. We are monitoring spending/restriction • Payout-occurs in January of each year (32 to 31) • When is payout available for new endowments? • Setup in 2007, payout January 2009 • Can unused funds be moved back to the 32? • Yes but on 72 (True Endowments) the funds should be spent • Send me an email and I will make journal entry

  14. Total • Fund 72,55,72 +Fund 32 + Fund 31

  15. Any Questions or Comments?

  16. Yet a bit of comic relief…

More Related