Purdue University Executive Memoranda Master Listing
PURDUE UNIVERSITY
OFFICE OF THE EXECUTIVE VICE PRESIDENT AND TREASURER
MEMORANDUM NO. A-33
July 31, 1992
To: Vice Presidents, Chancellors, Deans, Directors, and Heads of Schools, Divisions and Offices
Re: Temporary Investment Fund Policy and Operating Procedures for Gift Funds and Endowment Income
POLICY:
The Temporary Investment Fund (TIF) is established to provide a fund for the temporary investment of gift and/or endowment income being accumulated for a specific purpose. Participation in this fund requires the approval of the Executive Vice President and Treasurer or his designee. A minimum balance of $5,000 is required for establishment and continued participation. Funds must remain invested for a minimum of six months before being eligible for withdrawal. Participants in this fund are limited to the following sources of income from:
Endowment accounts.
Formally approved development campaigns.
Other voluntary support.
PROCEDURE:
Requests for participation in TIF should be initiated by the Dean or Department head and sent to the Assistant Comptroller for Accounting Services.
Requests should include the following points:
Specific purpose for accumulating funds and the expected time frame.
Sources (account number and restrictions).
Amount to be invested initially and the amount to be accumulated.
If approved, an account will be established in a separate fund. This fund is for investment purposes only and expenditures are not permitted. Investment income will be distributed to each account within TIF as part of the regular income distribution process by the Office of Investments.
Accounting Services is responsible for assigning account numbers, preparing accounting entries, record keeping, maintenance and reporting for TIF.
Requests for withdrawals should be directed to Accounting Services.
Monthly statements for TIF will be included in the normal statement distribution process.
Questions concerning these new temporary investment policies and procedures should be directed to your school Business Administrator, the Comptroller's Office at the West Lafayette Campus or the Chief Business Officer on the Regional Campuses.
