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Moneys received by the University come from various sources, including: State appropriation or grants and receipts, Federal government grants, customer sales of goods and services, private source gifts, contracts and grants, foundation support, endowment and investment income, interest income, rental of real property, royalties, and proceeds from debt.
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.
An institutional trust or special fund ("trust fund") may be established in ConnectCarolina using the Source Create module.
Budget, Planning & Analysis is responsible for establishing new sources for State Receipt-Supported Funds (including School-Based Tuition and Unit-Controlled Receipts). Accounting Services is responsible for approving the creation of new Trust sources via Source Create.
Decisions regarding appointments, promotions, terminations, and other changes affecting the rank, status, and/or salary of University employees (collectively referred to as "personnel" or "payroll" actions) will be recorded and maintained in separate databases according to the employee's designation as EPA (exempt from the State personnel act) or SPA (subject to the State personnel act).
To provide specific terms and conditions, accountability and fiscal responsibility for account established based on the underlying gift or contractual agreement, memorandum, correspondence or other supporting documentation.
To ensure Source is established appropriately in ConnectCarolina for recording and reporting financial transactions.