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 FGITBAL. 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.