College of Liberal Arts

Endowment Compliance Training Material

Accounting Endowment Compliance Responsibilities

  • Correct deposit of endowment gifts
    • Gifts for established endowments are deposited to a 57-10xx-xx20 account for investment
    • Gifts for pending endowments are deposited to the 30-9000-xx93 endowment holding account in each college/school/unit, until a 57 account is created
  • Endowment distribution must be used in accordance with the donor agreement, UT System, and University policy and procedure
    • Within the designated area: college/school/unit
    • For purpose intended: faculty, student, program, book
    • Following additional donor-specified criteria
  • Endowment earnings must be utilized in a timely manner
    • Student support endowments should not carry a balance of more than two years of annual endowment distribution
    • Faculty, program support, and book fund endowments should not carry a balance of more than three years

Endowment Resources

  • Endowment donor agreements – on file in the University Development Office and development offices within each college/school/unit
  • VIP Direct – University-wide database with donor criteria and other endowment information
  • DEFINE – donor criteria from VIP on each endowment is available on a GB1 pop up screen
  • FRMS – donor criteria from VIP is available under endowment details when an endowment-related 30 account is entered to award student support
  • Board of Regents Rules
    • BOR Rule 60201: Administration of fellowships, scholarships, and loan funds
    • BOR Rule 60202: Academic positions
  • UT System Policy Library
    • UT System Policy 138: Gift Acceptance Procedures
  • UT Austin Handbook of Business Procedures
    • Part 2 Fund Accounts: 2.2.6 Gift Funds – 30-Accounts 2.2.11 Endowment Funds – 57-Accounts
    • Part 9 Expenditure Procedures: 9.2.1 Entertainment and official occasion expenses

Links


Contact

University Development Endowment Services & Compliance Contacts

Please direct comments on the Procedures Guide to cola_comments@utlists.utexas.edu.


Last Modified: 15 September 2014