Policies and Procedures
Technical Services
Document: Miscellaneous Endowment Information
Date: Rev. 5/25/03; rev. 12/2199
Effective: Immediately
Revised by: CPD 5/25/03
Mid-year income increases on endowment accounts
Throughout the year, the monthly General Ledger reports for the endowment accounts show some modest additions to the budget (the bulk of the general income is deposited on the 7/30 General Ledger). These are legitimate increases to the annual income which are available to the collection manager for spending. As a result, they are added to the allocation in OSCAR as they are discovered on the General Ledger. These increments occur as the result of new gifts being added to the principal of the endowment (thus generating a little additional income) or as the result of the principal being increased when the library returns its free balances to the principal.
Endowment funds which must be returned to the principal
Each of the following endowments have a clause which very specifically states that the unused income should revert to principal. This is done by the Treasurer's Office each year.
- Brook
- Fechheimer (returns 1/3rd of income to endowment in Dec.)
- Henry (henry)
- Keenan (keen)
- Mendl (mendl)
- Pfening (pfeng)
- Stambaugh (stamb)
The Treasurers' Office will allow us to encumber the balance on these as long as the actual orders have been placed in OSCAR and an encumbrance appears there. The encumbrance is then added to the General Ledger as a preencumbrance and also sent in paper to the Treasurers' Office in May before he starts the transactions to revert the money.