The University of Toledo Foundation : About Funds

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.

General Requirements            

1. All funds must benefit The University of Toledo community in some way.
2. No personal benefit transactions are permitted from UT Foundation funds.
3. Two fund administrators must authorize all expenditures.
4. New funds are subject to approval by the Foundation.
5. 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

           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 4.5 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

           Non-endowed funds require a minimum $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.