205.2 - Procedure on Establishing 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.

Scope of Applicability

This procedure applies to any university department or unit seeking to establish an endowment fund source.

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
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Details

Article ID: 131479
Created
Thu 4/8/21 9:09 PM
Modified
Wed 6/16/21 11:54 AM
Effective Date
If the date on which this document became/becomes enforceable differs from the Origination or Last Revision, this attribute reflects the date on which it is/was enforcable.
01/25/2021 12:56 PM
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
Accounting Manager
Last Review
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01/25/2021 12:56 PM
Last Revised
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01/25/2021 12:56 PM
Origination
Date on which the original version of this document was first made official.
07/01/1996 12:00 AM
Responsible Unit
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F&O-Finance