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Welcome to Financial Services at East Carolina University
Institutional Trust Funds


Financial Services


 


ESTABLISHING AN INSTITUTIONAL TRUST FUND?

  • An ITF should be requested when funds are anticipated which qualify under the Institutional Trust Fund Legislation.
  • Each new Institutional Trust Fund must be requested from the ITF Office and approved by the Vice Chancellor of Administration and Finance or designee.
  • The monies (assets) to be placed in the ITF must meet the criteria as dictated by Institutional Trust Fund Legislation.
  • All costs associated with the generation of revenue, including payroll, must be matched with that revenue whether by direct payment of the expense or, if appropriate, by reimbursing another fund which originally incurred the expense.
  • Sources of significant amounts should not be combined except by type of revenue and purpose of fund. For example, revenue obtained through gifts should be placed in a separate fund from revenue generated by contractual services. Please contact the ITF Office if you have questions.
  • If the source of revenue has been identified as a sales activity, please review the Umstead Act - legislation that governs business activity by state agencies/institutions that are considered to be in competition with private enterprise.
  • After determining that a new fund should be established, Fund Request Form, Fund Authority Form and, in some cases, Sales Activity Questionnaire should be completed. Please feel free to contact the ITF Office if you need guidance. The completed documents should be forwarded to the Vice Chancellor of the related division for approval. (Division of Health Sciences forms should be forwarded to DHS Administration and Finance, Attn: Leanne Turner). Once approved, the ITF Office will review for adherence with General Statutes, assign a fund number, and activate the fund in the Banner Finance system. The department will be notified of the fund number and procedures for initiating financial transactions.
 

UPDATING AN INSTITUTIONAL TRUST FUND?

  • A change in source of funds, purpose, fund name, authority for disbursements, or organization code should be requested by completing a revised  Fund Authority Form should be routed through the same approval process as a new Fund Authority Form (see above "Establishing an ITF").
  • Relevant.
  • A new.
  • NOTE: C

 

 

CLOSINGING AN INSTITUTIONAL TRUST FUND

  • If an Institutional Trust Fund has a zero balance and is no longer needed, please contact the ITF Office via email so the fund may be closed.
  • If the purpose of an Institutional Trust Fund no longer exists and there is a balance remaining, the disbursing authority should notify the ITF Office for guidance on "spending down" the fund or transferring the balance to another fund.  Whenever possible, the funds should be used to support a program or purpose of similar nature or closely related to the original program or purpose.