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Driscoll Alumni Center Rm 1002
2801 W Bancroft St MS 319
Toledo, Ohio 43606
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Establishing a New Fund
The University of Toledo Foundation manages nearly 2,000 individual funds for the benefit of UT programs, students, faculty, staff and patients. New funds may be established by a department, program or college if a Foundation account for the same purpose does not already exist. Individual donors wishing to name a fund may also establish new funds.
- All funds must benefit The University of Toledo community in some way.
- No personal benefit transactions are permitted from UT Foundation funds.
- Two fund administrators must authorize all expenditures.
- New funds are subject to approval by the Foundation.
- Funds must be administered according to all applicable UT Foundation policies and procedures.
Types of Funds
The UT Foundation manages two types of funds: endowed and non-endowed.
Endowed funds require a total of $25,000 in gifts, contributed within a three- to five-year period. Endowments preserve all gifts in perpetuity as principal. These funds accrue earnings and allow a specific level of spending (currently 4 percent of the fund’s three-year average market value). An annual administrative fee is assessed (currently 1.25 percent).
To establish an endowed fund, please complete a new account sheet, noting the name, purpose and funding source. Two authorized signatures are required for disbursement and reporting purposes. If the funding source is a single major donor, a donor fund agreement is also required. Please contact the appropriate college development director or the UT Foundation for assistance.
Non-endowed funds require a minimum $2,500 gift. These funds do not accrue earnings and are not assessed an administrative fee, operating much like a non-interest-bearing checking account. Spending from non-endowed funds established through yearly gifts will be allowed after the annual gift is received each year. Non-endowed funds established with one-time gifts will be closed once the funding is depleted.
To establish a non-endowed account, a new account sheet is required, noting the name, purpose and funding source of the account. Two authorized signatures are required for disbursement and reporting purposes.