PROCEDURE FOR TRUST FUNDS

The Dean, Director or Principal who is responsible for a particular trust fund must ensure that the correct procedures and guidelines are observed in accordance with the approved terms and conditions of the trust and this policy.

Requirements for establishment of trust funds

In order to establish a trust fund, certain details must be provided to the Finance Committee of the Board of Regents.

To properly establish a trust fund, the following information should be provided with each request:

1. Source of funding.
2. Name of University official to contact for information.
3. Amount of proposed donation(s).
4. If funds have already been received: Date received, and Amount.
5. Purpose of Fund.
6. (a) Restrictions/Conditions regarding principal donations.
   (b) Restrictions/Conditions regarding income earned.
7. Restrictions/Conditions regarding awards given from the fund (if applicable).
8. Reporting Requirements.
9. In the future, if the terms of this trust no longer apply, is the donor willing to authorize the Board of Regents to change the terms? Yes ___ No ___
10. If applicable:- In the case of:-
    (a) Undergraduate Student Awards - has the Dean of Student Affairs and Services been notified? Yes ___ No ___
    (b) Graduate Student Awards - has the Dean of Graduate Studies been notified? Yes ___ No ___
11. Other information deemed necessary to ensure the terms of the trust account are fully understood.

All necessary information should be completed by the person within the University who wishes to establish a new trust fund, or by the person who is the University representative contacted by persons outside the University who wish to establish a trust fund.

A brochure available from the Office of Alumni Affairs and Development provides the suggested wording to be used when creating trust funds. This wording is designed to reduce administrative expense and to ensure freedom of investment and application of the trust fund.