2203 PR.01 Establishing and Liquidating a University Fund Functioning as Endowment (UFFE)

Revision Date: 
June 2, 2017

Contents

1.     Overview

2.     Establishment and Liquidation Procedures

3.     Establishment and Liquidation Procedures for YSM

This procedure guides the establishment and liquidation of University Funds Functioning as Endowment (UFFEs).

Establishment

A department or school may request the establishment of a UFFE in an amount of at least $100,000 with the expectation that the UFFE will remain invested in the endowment for at least ten years.  The requesting department or school must complete Form 2203 FR.04 Request to Set-Up or Add to a UFFE, which requires approval by the Provost.  The form should then be sent to Gift Accounting for processing.

Liquidation

A department or school may request to liquidate an existing UFFE either in whole or in part.  The requesting department or school must complete Form 2203 FR.05 Request to Decapitalize an Existing UFFE, which requires approval by the Provost.  The form should then be sent to Gift Accounting for processing.

Establishment

A YSM department may request the establishment of a UFFE in an amount of at least $100,000 with the expectation that the UFFE will remain invested in the endowment for at least ten years.  The requesting YSM department must complete Form 2203 FR.08 YSM - Request to Set-Up or Add to a UFFE, which requires approval by the Provost.  The form should then be sent to Gift Accounting for processing.

Liquidation

A YSM department may request to liquidate an existing UFFE either in whole or in part.  The requesting YSM department must complete Form 2203 FR.09 YSM - Request to Decapitalize an Existing UFFE, which requires approval by the Provost.  The form should then be sent to Gift Accounting for processing.