Procedure: 9-41

Effective: July 1, 2001

Owner: Investment and Tax Services, Office of the University Comptroller

Latest Revision:

Scope

This procedure is followed if a department chooses to invest discretionary funds in the University's Pooled Endowment Fund.

System References [Top]

Form
Request for Establishment of University Quasi Endowment Project (Excel)

or go to UVA Forms Directory.

Policy [Top]

Responsibility [Top]

The department head, chair or dean of the requesting department is responsible for ensuring that the completed request form and the attending memo are forwarded to Investment and Tax Services.

Distribution [Top]

Ownership [Top]

Investment and Tax Services is responsible for ensuring that this procedure is necessary, reflects actual practice, and supports University policy.

Procedure Steps [Top]

To invest discretionary departmental assets in the Pooled Endowment Fund:
1.	The requesting department completes a Request for Establishment of University Quasi Endowment Project.
2.	The department head, chair or dean attaches a memo approved by the department's dean addressed to Leonard Sandridge, Executive Vice President and Chief Operating Officer, requesting approval of the quasi endowment and outlining a plan of action for the account. Include the following information:
	the source and amount of funds (the project that contains the funds to be invested.) why the current operating funds are not needed at this time. How long the funds will be invested as quasi-endowment. How often withdrawals will be needed. How the income generated by the quasi endowment will be used.
3.	The requesting department sends the Request for Establishment of University Quasi Endowment Project and memo to Investment and Tax Services.
4.	Investment and Tax Services forwards the required information to Leonard Sandridge for approval or presentation to the Board of Visitors.
5.	When approved, ITS sets up the new project and award and notifies the departmental administrator of the requesting department.
6.	The departmental administrator completes a journal entry in Oracle, transferring the funds to the new quasi endowment.
To withdraw assets from quasi endowment accounts created from discretionary departmental funds:
1.	The department sends a memo approved by the department's dean to Investment and Tax Services, requesting the amount to be withdrawn and instructions on where to put the money. Requests received before the last business day of a month will be processed effective the first of the following month with cash to be credited to the forwarding project on or about the fifteenth of the month. The request should be in compliance with the plan as outlined in the memo to Leonard Sandridge when establishing the project. Investment and Tax Services forwards the request to Mr. Sandridge for final approval.

End of Activity