Trust Fund Guidelines
A Trust Fund is a discretionary fund which allows monies from a special project, group of activities, or services to be used for expenses which are supportive of the university's educational mission and for the exclusive benefit of the university, with the absence of external restrictions.
- The purpose of a trust fund should be in the best interest of the campus' educational objectives and goals.
- A 'Trust Fund Information Fact Sheet' (TFIFS) or trust agreement must be prepared by the responsible department.
- It is the responsibility of the campus department to submit revised trust agreement documentation, as needed to provide updates for file records to reflect current information.
- Each trust fund shall be accounted for separately providing for balance sheet and other reporting needs.
- Each trust must maintain a positive cash position and fund balance.
- Trust funds are not to be used as an alternate means of facilitating cash flow in other programs, i.e. over-expended programs.
- Disbursements from a trust should be made only for the purposes for which the trust fund was established.
- If funds are expended from the general operating fund on behalf of a trust, the trust fund shall reimburse the operating fund in a timely manner.
- Any restrictions on the use of monies shall be documented in the TFIFS trust agreement.
Establishing a Trust
Requests for the establishment of a trust fund must follow the procedure below.
- Campus department personnel submit to their director or dean a request to establish a trust fund, via completion of theTrust Fund Information Fact Sheet.
- The request must state the trust fund's purpose, source and use of funds, and authorized persons.
- The division vice president reviews the request. If it is determined to have merit, upon approval the request will be forwarded to the Director of Accounting.
- The Director of Accounting reviews the request for accuracy and completeness and submits the request to Senior Management for approval via the Office of the Vice President for Administration and Finance.
- After review by Senior Management, the request is returned to the Director of Accounting indicating approval or denial:
- If approved, the Accounting Office will create the fund and notify the department in writing of their new trust fund number.
- If denied, the Accounting Office will notify the department and no further action is required.
Closing a Trust
A trust fund without activity for any 12-month period may be closed. To close a trust before this 12-month period, written notification should be sent to the General Accounting Department from an authorized individual requesting closure of the Trust. When a trust fund is closed, remaining funds may be transferred to the campus’ operating fund miscellaneous revenue account.
Acctng Svcs - TrustFundFactSheet 12-2017.pdf
How to calculate cash available (Excel File)
Trust Fund Training
Please view the ITS training website for available course offerings.
If specific information or a special training request, outside of the available courses, is desired, please contact Mimi Badulis
(x73153) for more information.