A trust administrator’s responsibility is to :

• Participate in the appropriate initial set-up of the fund
• Administer and care for the fund
• Report on use of the fund
• Budget fund resources
• Steward the fund and its donors

The spending allocation for trust funds is normally credited to trust fund accounts annually in July.

Please see the Statement of Investment Policies and Objectives – Investment Pool for details. https://secretariat.mcmaster.ca/university-policies-procedures-guidelines/

For guidance on opening a trust fund in Mosaic, go to https://financial-affairs.mcmaster.ca/services/investment-management-trust-funds/establishing-a-trust-fund/.

A general trust is a perpetual and long term trust fund. Perpetual trusts are funds from which only income from the capital may be expended. Long-term trusts are funds from which both the income and the capital may be expended. Any capital to be spent from long-term trusts must be defined as expendable.

A specific trust is a short term trust fund which is to be spent in the current year for some expressed purpose.

Preservation of capital account is used to track the amount of income earned by the fund that is greater or less than the amount allocated for spending (including administration) each year.

Trust fund training resources can be found at https://financial-affairs.mcmaster.ca/services/investment-management-trust-funds/trust-fund-training/. For inquiries regarding training sessions or for additional information, please contact Khalid Wahoush (wahousk@mcmaster.ca)

Operating money should not be transferred into trust funds.