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FINANCIAL AFFAIRS

Establishing a Trust Fund

Expandable List

DONOR

  • Contacts University with interest to establish trust fund

 

UNIVERSITY ADVANCEMENT

DEVELOPMENT
  • Drafts terms of reference in consultation with donor and appropriate trust fund administrator
  • Forwards gift documentation (containing payment schedule if appropriate) to donor for completion and signature
  • Requests opening of trust fund project from appropriate trust fund administrator and provides the following information:
    • name of fund
    • terms of reference
    • type of trust fund
    • if capital will be expendable or non-expendable
    • payment schedule
    • copy of gift documentation
ADVANCEMENT SERVICES
  • Establishes record & allocation code
  • Informs Financial Analyst – Trust Funds of allocation code
  • Forwards pledge reminders to donor according to payment schedule for cash contributions (may include pledge component)
  • Issues tax receipt and thank you letter for mailing through Development
  • Includes contribution in month-end report for transfer of funds to trust fund projects

TRUST FUND ADMINISTRATOR

  • Confirms terms with relevant area of the University
  • Presents terms to appropriate committee(s) for approval
  • Requests Financial Analyst – Trust Funds to open trust fund project

 

FINANCIAL SERVICES

  • Approval of new trust fund application submitted by trust fund administrator via Mosaic workflow by Financial Analyst – Trust Funds & Director of Finance (Chair of TFOC)
  • Opens trust fund project as requested by trust fund administrator
  • Informs Trust Fund Administrator & Advancement Services of project number
  • Includes new trust fund on agenda of Trust Fund Operations Committee for review at next meeting

 

TRUST FUND OPERATIONS COMMITTEE (TFOC)

  • Appropriate Trust Fund Administrator presents proposed trust fund
  • Committee reviews terms of reference and signed gift documentation for approval 
  • If fund is not approved or issues are outstanding, the fund is placed on the “trust funds in need of attention” list for follow-up and action or moved forward for review/approval by Trust Fund Management Committee (TFMC)

To submit an application to open a new trust fund project, please refer to “New Trust Fund” in Mosaic using the following navigation: Main Menu > Finance > Project Costing > Project Definitions > New Trust Fund.  Go to Add a New Value tab.  Refer to the Instructions tab for assistance while completing the new trust fund application.

Once the new trust fund application is submitted, it will go through Approval workflow to the Financial Analyst – Trust Funds and Director of Finance.  The Financial Analyst – Trust Funds will open the trust fund project in Mosaic and notify you with the project number and chartfield.