Q: How much is my endowment worth?
The market value of a particular fund can be determined by taking
the number of shares the fund “owns” and multiplying
b y the market value per share. If you have access to Banner you
can get this information off of Banner form FNIEBAL Once you put
in the fiscal year and fund number, this process will
pull up this information (the market value per share, number of shares owned,
the market value, and the book value).
Q: How much income will my fund earn this fiscal year?
The amount of income available to be spent in the fiscal year is
determined by taking the number of shares the fund “owns” and
multiplying by the distribution rate per share. In fiscal year 2004
that rate was
$26.16 per share. If the fund “owns” 100 shares at 7/1/03
then the income earned for FY-04 would be $2,616. The income is posted
to the
income fund (the 3XXXX fund) in twelve postings. In FY-04 there should
be 12 postings of $218.00 for the fiscal year. Additional gifts will
result in increased income.
Q: What is the difference between an endowed fund and a grant?
An endowed fund is usually given to the College with the intent
that it is a permanent fund for the support of the College usually
with
a specific intent such as scholarship, prize, professorship, etc.
and the principal (gift amount) will be invested in perpertuity and
income
earned form this investment will be used for the purpose place on
the principal amount by the donor. In other words a donor my give
the College
a $1,000,000.00 with the intent that the income earned will go to
support Financial Aid.
A grant usually requires a deliverable, financial
reports, a time
period to be completed by, has a budget and the funds are usually
used up by the end of the grant or the balance should be returned
to the
grantor.
Q: How much do I have to spend today in my fund?
If you have access to Banner, you can access this information on
form FWITBAL. Once you put in the fiscal year and fund number, this
process
will pull up this information. Account 1001 will give
you today’s number. If the number in the current balance column
is followed by a D in the DC column, there is available funds
that can
be spent.
Q: If I receive a check from a donor, where should I sent it?
It should go to Donor
Relations Development Services (DR/DS) to be processed by them.
All checks that go to DR/DS are
receipted by way of a designation code and the information that
is contained
on in this form includes the donor name, class year, amount of
the gift , the gift date, and what fund this money is being receipted
to.
Q: What happens if I don't spend all of my income or gift
during the fiscal year?
The funds from restricted gift or spending funds get carried
over each year. You can see the balance in the fund by going
into Banner under FGITBAL.
