Policies & Procedures

Section: ###
Part: ###
Statement No.: ###
Date: 10/01/2014
University of North Carolina - General Administration
Administrative Policies and Procedures Manual
Title: Endowment Principal Funds

FRS Account Number Range 6-11101 - 6-11125

PeopleSoft Fund & Source Range:

Fund:  188XX

Source:  62XXX

Departments should coordinate inquiries from prospective donors of endowment gifts with the Director of Advancement.  Endowment principal funds are funds provided to the agency, normally in the form of a trust or gift, for investment to generate income.  The income may be unrestricted or restricted for a particular purpose.

The request for an endowment fund should include the following:

Original or copy of the gift agreement, bequest, or other gift document;

Description of the source of funds;

Purpose of the fund, for example - how the income earned is to be used (in support of what activity or function;

Any restrictions on the types of allowable expenditures;

Name of person authorized to spend endowmen income; and

Name of fund.

Expenditures are not allowable against these endowment principal funds, unless such funds have been deemed to be quasi-endowment funds.  All endowment related expenditures must be made from endowment income funds.