|
Fund Agreements
POLICY
Gifts that cannot
be deposited into an existing fund in the Medical College of Georgia Foundation,
Inc. are generally used to establish a new fund if certain requirements
are met.
PROCEDURE
Each new fund that
is established in the MCG Foundation (Foundation) requires a fund agreement.
The type of fund agreement depends on the purpose of the fund.
1) ENDOWED FUNDS
If the purpose of
the fund is for it to continue into perpetuity, the fund will be established
as an endowment.
2) NON-ENDOWED
FUNDS
A non-endowed fund
is created when the purpose requires the spending of current gifts.
A non-endowed fund allows for the spending of gifts, as well as investment
earnings.
3)
ADDENDUM
An addendum is required
when the donor/donor representative requests a change to the original
purpose of the fund; and the requested change does not change the
type of fund; i.e., non-endowed to endowed. These requests must be in
writing and approved by the appropriate Dean/Vice President.
Types of requests
which require a new agreement, not an addendum are:
a) Change from non-endowed
to an endowed fund.
- Fund
Change Request Form
Preparation
of Fund Agreements
GOAL
To complete a fund
agreement for each new fund at the time the gift(s) is received.
POLICY
The fund-raisers,
Development Officers at the Medical College of Georgia should work with
the donor(s) and/or donor representative(s) to prepare a fund agreement
at the time the gift(s) is made. The MCG Foundation, Inc. Accounting Office
should act as facilitator in this process to answer questions and prepare
the fund agreements for approval.
MINIMUM AMOUNT
TO CREATE FUND
Expendible Fund -
$2,500
Endowment Fund - $10,000
PROCEDURE
- The Development
Officer should work with the donor(s) or donor representative(s) to
develop a fund agreement. The purpose of the gift will determine the
type of agreement to use (See the fund
agreement criteria for the type of agreement). A sample agreement
should be completed for the donor/donor representative to review. This
information should be forwarded from the Development Officer directly
to the MCG Foundation Accouting Office.
Fund Agreement
Form - Expendable
Fund Agreement
Form - Endowment
- Each fund will
require the following:
Name of the fund
Donor/donor representative's complete name
School/Department/Entity which it benefits
Purpose of the fund
- Some funds will
require more information:
Scholarships
a) Selection criteria
b) Selection committee
Chair/Professorship
a) Selection criteria
- The Foundation
Accounting Office will prepare a draft and return to the Development
Officer within five working days of receipt of all the required information.
The final fund agreement will be forwarded to the Development Officer
so that the donor/donor representative signatures may be obtained. Two
final copies will be prepared, unless otherwise instructed.
- After the signatures
are obtained from the donor/donor representative, the Development Officer
will forward the signed fund agreement to the Foundation Accounting
Office.
- The Foundation
Accounting Office will obtain the remaining signatures.
- After the fund
agreement has been returned to the Foundation Accounting Office with
all signatures in place, the Foundation Accounting Office will maintain
one original for their files and the second original will be forwarded
to the Development Officer for the donor/donor representative. If additional
originals are requested, they will be forwarded at that time.
|
