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Restricted Funds

Revised:  October 10, 2012

Policy

Donations which are to be restricted to Endowments must be $25,000 or more. These funds cannot be spent. Earnings from these funds will be used as directed by the donors.

All expenditures of restricted donated funds to the University must be made in accordance with the restrictions stipulated by the donors and accepted by the University. Financial Services has stewardship responsibility for these funds.  Expenditure or transfer of these funds is approved as part of the University's budget process. The only exception to the above are scholarships and grants issued by Financial Aid.

Procedures

  1. There are three restricted funds. Expenditures can only be made from the first two funds.
    • Designated/Unrestricted Fund (4xxx-xx) consists of money designated by the University or donors for general purposes.
    • Temporarily Restricted Fund (5xxx-xx) consists of donations and endowment earnings restricted for specific use.
    • Endowment Fund (6xxx-xx) consists of donations which are required to be held into perpetuity where only the interest income can be spent.
  2. It is the stewardship responsibility of Financial Services to ensure that the funds are spent in accordance with the restrictions placed by the donors. Financial Services is responsible for maintaining proper records of donations, expenditures, and restrictions.