We're having trouble meeting the restrictions on a particular endowment. What should we do?
The first step is to contact the Office of Endowment Administration (OEA), as they are the office of record for all endowed funds. A review of the fund terms will be completed in order to verify the specific intent of the donor, and the OEA will advise on the options available and best course of action.
When are the market values of endowment funds updated in Funkhouser?
Market values are updated in Funkhouser by the 15th business day (approximately) of each month, and reflect the previous month end data.
When will the quarterly estimated distribution be posted to the general ledger?
The quarterly estimated distribution is posted to the general ledger in September, December, and March using the prior month end close data. For example, data that is posted to the general ledger in September reflects the values from the August monthly close. The data is usually available in the general ledger by the 15th business day (approximately) of the month.
When will the annual distribution be posted to the general ledger?
The annual distribution is posted to general ledger in June, after the May monthly close has been completed. Transactions are usually available in the general ledger to run reports by the 17th business day (approximately) of the month.
What are the necessary steps to take in order to change the chart string of an endowment fund?
If an endowment fund is distributing to the wrong chart string, a modification can be made. Administrators should send an e-mail to their Fiscal Officer requesting the change. Once the request is approved by the Fiscal Officer, it should be forwarded to the Endowment Accounting Specialist. After the request is verified, based on the donor's intention, the change will be made in Funkhouser.
If the change requires that a funding value be created, the administrator will need to complete the Endowment Funding Segment Request Form and forward it to their Fiscal Officer. Once the request is approved by the Fiscal Officer, it should be forwarded to the Endowment Accounting Specialist. The request is then sent to the Controller's Office where the new funding value will be created. When the Endowment Accounting Specialist receives the new funding value, the change will be made in Funkhouser.
Last Updated: 4/23/12