AgendaAgendaEndowment Funds ReportingEndowment Funds Reporting

Cheryl Soper and Jarrod Van KirkCheryl Soper and Jarrod Van Kirk

Endowment fund range

Endowment market value in general ledger

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Endowment Fund RangeEndowment Fund Range

Current endowment fund range is running out

New fund ranges will be alpha numeric based on the type of endowment

Effective date – beginning on July 1st, a switch will be made to the alpha numeric range

Type of EndowmentCurrent Fund Range

True (Permanent) 70002-74999

Quasi restricted 75000-76999

Quasi unrestricted 77700-77999

Quasi permanent 77000-77699

Type of EndowmentNew Fund Range

True (Permanent) EXXXX

Quasi restricted QXXXX

Quasi unrestricted UXXXX

Quasi permanent PXXXX

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Endowment market value in the Endowment market value in the general ledgergeneral ledger Beginning in period zero of FY 2009, market value will be

recorded in the general ledger at the individual endowment level

Share value will continue to update on a quarterly basis System will compare current market value (shares

multiplied by share rate) to current book value and allocate the difference to the fund level via journal entry

◦ For an increase in market value, a journal entry will credit account 408250 (Unrealized G/L on Pooled Endow) and debit account 111750 (Diff. Btw. Endow. Book & Market)

◦ Each month a closing allocation will adjust the difference between book and market based on any changes made to book and market that month

Market value can be obtained in Business Objects by querying on the sum of accounts 111700 (Pooled Endow. Book Value) and 111750 (Diff. Btw. Endow. Book & Market)

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Source Use Report – ProposedSource Use Report – ProposedThe University of MichiganSources/Uses Report-YTD

Report ID: MGLN074A

Operating Funds Non Operating Funds  

Restricted Unrestricted        Federal Non-Federal ERF-Gifts Subtotal General Designated Auxiliary Subtotal Student Loan Plant Endowment Grand Total

Fund Balance Beginning of Year -243,992 79,756 3,603,6223,439,387

1,219,541 656,824 8,6571,885,023

0 2,124 6,842,70412,169,238

     

Sources     

General Fund Appropriations 0 0 0 0 9,088,719 0 0 9,088,719 0 0 0 9,088,719

General Fund Transfers 0 0 0 0 8,054,076 0 0 8,054,076 0 0 0 8,054,076

Federal Grants/Contracts 10,613,404 0 0 10,613,404 0 0 0 0 0 0 0 10,613,404

Non-federal Grants/Contracts 0 972,656 0 972,656 0 0 0 0 0 0 0 972,656

Cost Sharing Transfers 0 0 0 0 0 0 0 0 0 0 0 0

Gifts 0 0 472,487 472,487 0 0 0 0 0 0 96,041 568,527

Endowment Distribution 0 0 706,044 706,044 0 0 0 0 0 0 29,903 735,947

Investment Distribution 0 -79 -28 -107 0 0 0 0 0 0 29,401 29,294

External Department Revenue 0 0 0 0 430,275 91,134 18,219 539,629 0 0 0 539,629

Internal Departmental Rebill 0 0 0 0 0 0 3,561 3,561 0 0 0 3,561

Adjust Pooled Endowments to Market                   6,725,186 6,725,186

     

Total Sources 10,613,404 972,577 1,178,503 12,764,484 17,573,070 91,134 21,780 17,685,984 0 0 6,880,531 37,330,999

     

Uses      

Faculty Salaries 384,961 41,398 12,245 438,605 2,860,250 0 0 2,860,250 0 0 0 3,298,854

Research Faculty 40,631 30,389 6,970 77,990 122,295 0 11,776 134,071 0 0 0 212,060

GSA Salaries 1,496,326 38,337 53,094 1,587,757 1,932,132 0 0 1,932,132 0 0 0 3,519,888

Staff Salaries 1,497,862 207,096 101,332 1,806,291 2,552,691 -4,939 252,545 2,800,297 0 0 0 4,606,587

Fringe Benefits 820,091 80,374 30,805 931,270 1,886,802 -408 75,348 1,961,743 0 0 0 2,893,013

Tuition Grants 891,124 18,005 6,726 915,854 2,783,354 0 0 2,783,354 0 0 0 3,699,208

Scholarships/Fellowships 461,374 72,572 139,275 673,221 279,706 5,732 1,400 286,838 0 0 0 960,059

Supplies 1,102,438 338,187 106,645 1,547,270 1,502,995 41,619 -6,521 1,538,093 0 0 0 3,085,362

Travel/Transportation 87,465 6,541 55,977 149,982 244,701 5,037 9,605 259,344 0 0 0 409,326

Internal and External Services 225,596 57,476 20,432 303,505 181,530 -11,804 -248,645 -78,919 0 0 0 224,586

Subcontracts Over 25K 156,436 0 0 156,436 0 0 0 0 0 0 0 156,436

Miscellaneous Expenses 34,018 2,266 37,601 73,885 170,657 22,029 5,721 198,407 0 0 0 272,292

Inventory Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0

Equipment 378,118 0 19,271 397,389 738,034 0 -1,786 736,248 0 2,124 0 1,135,760

Indirect Cost 2,980,153 170,893 0 3,151,046 0 0 0 0 0 0 0 3,151,046

Transfers to Construction 0 0 0 0 0 0 0 0 0 0 0 0

Net Transfers -27,444 18,753 40,262 31,571 -24,641 16,446 0 -8,195 0 0 -122,984 -99,608

     

Total Uses 10,529,148 1,082,287 630,635 12,242,070 15,230,504 73,713 99,443 15,403,660 0 2,124 -122,984 27,524,870

     

Net Change 84,257 -109,711 547,868 522,414 2,342,565 17,421 -77,663 2,282,324 0 -2,124 7,003,515 9,806,129

     

FUND BALANCE -$159,735 -$29,954 $4,151,490 $3,961,801 $3,562,107 $674,246 -$69,006 $4,167,346 $0 $0 $13,846,219 $21,975,366

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