Financial Services Policy 6 – Establishment of an Institutional Trust Fund

All requests for the establishment of an institutional trust fund must be documented. Refer to Policy 10.1 on Gift receipting and Reporting, in the subsection entitled “Establishing New Funds,” for information on establishment of an institutional trust fund to receive unrestricted and restricted gifts to the University. For institutional trust funds not funded by gifts, the department requesting the fund to be established must prepare form FIN-04, Request for Institutional Trust Fund, and submit it to the Office of Accounting Services, 270 Mossman Building, with the documentation attached. A detailed and comprehensive description of the activities, programs, and/or operations to be supported by the fund must be provided on the form. Also, any specific restrictions, terms, or conditions for the use of monies deposited to this fund must be indicated on the FIN-04 form. Additionally, photocopies of correspondence, agreements, award letters and other relevant documentation must be attached. Refer to Procedure Number 5 for a sample of form FIN-04.

Upon receipt of the form in the Office of Accounting Services, the documentation is reviewed. If additional documentation is required, the department/individual(s) making the request to establish the fund will be contacted. No further action is taken until all documentation is complete. It should be noted that certain funds cannot be established until an award or funding authority is received from the funding agency, e.g. contract and grant accounts.

Each request to establish a fund must be approved by the University Controller. After approval, a fund number is established and the requesting department/individual(s) is notified by email from the Office of Accounting Services. Please allow a minimum of 10 business days for funds to be established.