Presentation on theme: "Agenda Endowment Funds Reporting Cheryl Soper and Jarrod Van Kirk Endowment fund range Endowment market value in general ledger 1."— Presentation transcript:
Agenda Endowment Funds Reporting Cheryl Soper and Jarrod Van Kirk Endowment fund range Endowment market value in general ledger 1
Endowment Fund Range Current endowment fund range is running out New fund ranges will be alpha numeric based on the type of endowment Effective date – beginning on July 1 st, a switch will be made to the alpha numeric range Type of Endowment Current Fund Range True (Permanent)70002-74999 Quasi restricted75000-76999 Quasi unrestricted77700-77999 Quasi permanent77000-77699 Type of Endowment New Fund Range True (Permanent)EXXXX Quasi restrictedQXXXX Quasi unrestrictedUXXXX Quasi permanentPXXXX 2
Endowment market value in the general ledger Beginning in period zero of FY 2009, market value will be recorded in the general ledger at the individual endowment level Share value will continue to update on a quarterly basis System will compare current market value (shares multiplied by share rate) to current book value and allocate the difference to the fund level via journal entry ◦ For an increase in market value, a journal entry will credit account 408250 (Unrealized G/L on Pooled Endow) and debit account 111750 (Diff. Btw. Endow. Book & Market) ◦ Each month a closing allocation will adjust the difference between book and market based on any changes made to book and market that month Market value can be obtained in Business Objects by querying on the sum of accounts 111700 (Pooled Endow. Book Value) and 111750 (Diff. Btw. Endow. Book & Market) 3
Source Use Report – Proposed The University of Michigan Sources/Uses Report-YTD Report ID: MGLN074A Operating FundsNon Operating Funds RestrictedUnrestricted FederalNon-FederalERF-GiftsSubtotalGeneralDesignatedAuxiliarySubtotalStudent LoanPlantEndowmentGrand Total Fund Balance Beginning of Year -243,99279,7563,603,622 3,439,387 1,219,541656,8248,657 1,885,023 02,1246,842,704 12,169,238 Sources General Fund Appropriations00009,088,71900 000 General Fund Transfers00008,054,07600 000 Federal Grants/Contracts10,613,40400 0000000 Non-federal Grants/Contracts0972,6560 0000000 Cost Sharing Transfers000000000000 Gifts00472,487 00000096,041568,527 Endowment Distribution00706,044 00000029,903735,947 Investment Distribution0-79-28-10700000029,40129,294 External Department Revenue0000430,27591,13418,219539,629000 Internal Departmental Rebill0000003,561 000 Adjust Pooled Endowments to Market 6,725,186 Total Sources10,613,404972,5771,178,50312,764,48417,573,07091,13421,78017,685,984006,880,53137,330,999 Uses Faculty Salaries384,96141,39812,245438,6052,860,25000 0003,298,854 Research Faculty40,63130,3896,97077,990122,295011,776134,071000212,060 GSA Salaries1,496,32638,33753,0941,587,7571,932,13200 0003,519,888 Staff Salaries1,497,862207,096101,3321,806,2912,552,691-4,939252,5452,800,2970004,606,587 Fringe Benefits820,09180,37430,805931,2701,886,802-40875,3481,961,7430002,893,013 Tuition Grants891,12418,0056,726915,8542,783,35400 0003,699,208 Scholarships/Fellowships461,37472,572139,275673,221279,7065,7321,400286,838000960,059 Supplies1,102,438338,187106,6451,547,2701,502,99541,619-6,5211,538,0930003,085,362 Travel/Transportation87,4656,54155,977149,982244,7015,0379,605259,344000409,326 Internal and External Services225,59657,47620,432303,505181,530-11,804-248,645-78,919000224,586 Subcontracts Over 25K156,43600 0000000 Miscellaneous Expenses34,0182,26637,60173,885170,65722,0295,721198,407000272,292 Inventory Acquisitions000000000000 Equipment378,118019,271397,389738,0340-1,786736,24802,12401,135,760 Indirect Cost2,980,153170,89303,151,0460000000 Transfers to Construction000000000000 Net Transfers-27,44418,75340,26231,571-24,64116,4460-8,19500-122,984-99,608 Total Uses10,529,1481,082,287630,63512,242,07015,230,50473,71399,44315,403,66002,124-122,98427,524,870 Net Change84,257-109,711547,868522,4142,342,56517,421-77,6632,282,3240-2,1247,003,5159,806,129 FUND BALANCE-$159,735-$29,954$4,151,490$3,961,801$3,562,107$674,246-$69,006$4,167,346$0 $13,846,219$21,975,366 4
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