Title
University of North Carolina at Chapel Hill Procedure on Establishing an Endowment Fund Source
Introduction
Purpose
This Procedure explains how to establish an endowment fund Source, 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.
Scope
This Procedure applies to any University department or unit seeking to establish an endowment fund source.
Procedure Statement
This Procedure is for establishing an endowment fund Source, 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.
Requests to establish a new endowment fund Source must be processed by the Office of University Development using the "Source Create" module in ConnectCarolina, following the procedures outlined in Finance Procedure 205.3 - Procedure on Establishing, Modifying and Closing an Institutional Trust or Special Fund Source.
Requests to modify the existing Source (e.g. title, disbursing authority, Source Authority form, or attribute values) must be submitted by departments on the original Source request to maintain an audit trail in the Source Create module.
At the annual meeting, new endowment fund Sources must be reviewed and approved by the board of trustees of the endowment fund on the recommendation of the Chancellor.
Forms and Instructions
A manual on creating a source request, Entering Source Chartfield Value Request, is available in ccinfo.unc.edu. Links to the forms and instructions concerning this process and related processes may also be found on the Accounting Services Department web page.
Related Policies
History
Revised:
- December 18, 2020 - Updated language and manual links to reflect current electronic procedure through ConnectCarolina.
- April 30, 2010