A "Mini-Workshop" memo for Collection Managers
April 15, 2002
An endowment is a sum of money (principal) usually managed by the university which
generates interest. The interest is posted each year in late August or early September to a library fund that the designated collection managers use for monograph and serial unit order requests.
The amount of money generated in interest each year will vary depending on how well
investments paid off and whether more money was added to the principal.
There can be limitations on endowments. Some have subject restrictions, very few can be
used for continuations, and NO endowment can be used for orders paid for by purchasing card (credit card). If you have a question about the subject restrictions for materials purchased on a specific endowment, contact Jim Bracken.
In May, money remaining in endowment funds, not encumbered or expended, must be returned to the university to be added back to the principal. Since the Libraries do not have access to returned interest, new orders can't be placed until August/September when the next year's interest becomes available.
If an order is placed on an endowment fund before the May deadline, encumbered
funds remain in the Library to pay for the item when it arrives. Any requests submitted after
the May deadline will be returned to collection managers for assignment of a different fund.
[Note: Actual day for deadline will vary each fiscal year. E-mail notices are sent to libcolmn in advance of deadlines annually.]
- May (1st week ) Last day to submit ORTs on endowment funds
- May (2nd week) Last day for ACQ to place orders on endowment funds
- May (3rd week) Library returns remaining endowment funds to principal accounts
- Late August to September New endowment interest for FY will be posted to funds;
can begin sending ORTs on endowment funds again.
Background on endowments: