Every fund is assigned a primary responsible person in the Financials system. The responsible person is responsible for complying with University Policies, Regulations and Rules as well as understanding and following the University Spending Guidelines and Trust Fund Guidelines. These guidelines can be found on the University Controller’s Office website.
Please note the following specifics regarding funds:
- All expenses should be in support of the approved purpose
- No expenditures or transfers should be processed in the endowment principal or BTE project
- A spending budget will be provided for an endowment when the minimum requirement has been met and when adequate spending reserves are available
- A positive balance must be maintained in the project at all times
- Endowment income is subject to restrictions and conditions of the Endowed Gift Agreement
- Expenses must be supported with adequate documentation to ensure compliance
Responsible Person Guidelines for a Chartfield Request/Modification:
- An endowment principal responsible person is usually the most senior title in that particular campus unit (Dean)
- An endowment income responsible person should be the person with spending authority for the fund based on the Endowed Gift Agreement (Department Head, Director, etc.)
- A restricted fund responsible person is usually the person that has the spending authority for the fund based on the Restricted Gift Agreement or other adequate backup documentation (Department Head, Director, etc.)
- The responsible person/department ID sections should be considered a singular item. The department ID listed beside the responsible person should always be the department ID of the responsible person. Keep the following in mind when requesting modifications: If changing a department ID, does the responsible person need to also change? Is the responsible person still correct for the new department ID?
- Only one responsible person/department ID can be assigned in Financials, although the Chartfield Request System (CFR) has the capability of listing multiple responsible persons. The first title listed will be used in Financials
- If the responsible person listed in a gift agreement is designating someone else as responsible, documentation should be attached in the CFR (email, letter, etc.). This documentation must include the explicit approval of the designation from the original responsible person
- Changes to the responsible person/department ID should be requested through the CFR system as a modification