Implementation of Automatic Transfers of UF Foundation Non-Endowed Funds

Thomas J. Mitchell, Vice President for Development and Alumni Affairs
Michael McKee, Interim Vice President and CFO

In coordination with the University’s investable cash consolidation, we are preparing to implement the transfer to campus of non-endowed funds. All non-endowed fund balances will be transferred to campus on July 31, 2014 with an effective date of July 1, 2014. This transfer will be the cash balance as of July 1, 2014, less any transfers made between then and July 31, 2014. New non-endowed gifts received will be automatically transferred to campus with a one month delay (July gifts will be transferred September 1) and endowment spending transfers will be transferred quarterly. UF Treasury Management will deposit these monies into Fund 171 and Program 6100 in the respective Source of Funds and Department ID. Departments can move these monies into other chartfields (e.g., moving from Fund 171 to Fund 251, adding a flex field, changing a program code) as needed via journal entry.

We feel this change will be very beneficial to campus, and greatly reduce the administrative burden in transferring these funds. If you have any questions, please contact David Christie, UF Foundation Controller, at dchristie@uff.ufl.edu or Cheryl Bell, UF Treasury Management Associate Controller, at cbell@ufl.edu.