Following up on the message sent last fall regarding gift and endowment funds, the Financial and Accounting Services (F&AS) team will now be resuming the gift and endowment cleanup project as the campus’ fiscal close is complete.
Please note the following:
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Patience is Requested: We are actively training new F&AS team members to assist with this effort. While we work to build capacity, we ask for your patience as progress may be slower than usual.
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Departmental Spending: Departments may continue to expend on gift and endowment funds, provided funds are available in the END/GFT project attribute and expenditures align with donor intent.
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No Escalations: At this time, we are unable to accommodate requests for escalation of project reconciliations. All gift funds are equally important, and we are committed to addressing them in a fair and systematic manner.
Reminder of Key Guidelines from Previous Advisory
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Validation Responsibility: While the F&AS team ensures conversion and revenue data are correctly earmarked, departments must confirm that all expenditures posted to their gift projects are appropriate to the funding source.
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Budget Transfers:
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Effective December 16, 2024, budget transfers are no longer the primary tool for moving dollars between non-Regental endowment projects.
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To move funds between gift projects, submit a Financial Journal Entry ticket for actual expenditures.
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To allocate funds to a new/existing gift project with no expenses, submit a Financial Journal Entry ticket for actual funds (not budget).
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Budget transfers are only permitted for projects under Funds 10001, 60002 and fund hierarchies 1010C and 7000C after the review is complete.
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Expenditure Transfers: All movement between gift projects in fund hierarchy 1000C and 6000C requires a transfer of actual expenditures via a Financial Journal Entry ticket.
We appreciate your understanding and collaboration as we move forward with this important cleanup process. If you have questions, please contact Financial and Accounting Services at accounting@ucmerced.edu
