Policy Number:HSUAF 12-06
HSU Advancement Foundation Management of Trust Accounts Policy
HSU Advancement Foundation
Management of Trust Accounts Policy
Approved at June 27, 2012 Executive Committee Meeting
To provide basic policy and authority for non-endowed Trust Accounts managed by the HSU Advancement Foundation.
The Foundation shall have an agreement for each Trust Account that in general describes the source or revenues, allowable expenditures and authorized signers on the account.
University Vice Presidents have the primary responsibility for approval and use of trust accounts in their respective areas. If donations or endowment earnings are a source of revenue then the Vice President for University Advancement must also review and approve the Trust Account agreement.
To cover indirect costs associated with managing each Trust Account, the University will assess a Financial Services Fee of 4% of each expenditure, excluding transfers. Periodically, the Vice President for University Advancement and the University’s Chief Financial Officer will review the Financial Services Fee and recommend changes as needed.
A. Trust Accounts typically hold charitable donations and endowment earnings consistent with the Foundation’s Gift Acceptance and Earnings Distribution policies.
B. Any account that has payroll and payroll related expenses will not be accepted.
C. Any interest earned and accrued will be retained by the Foundation.
D. Authorized signers must be employed by HSU or an HSU Auxiliary Organization.
E Only authorized signers may expend funds from a Trust Account.
F. Authorized signers may not approve payment requests of any kind payable to themselves.
G. Authorized signers may only approve payment requests to their supervisors for reimbursements up to $250.00. Reimbursements greater than $250.00 require a one-up authorization, as per the University policy.
H. A one-up authorization is required where funds, regardless of amount, are to be paid to a member of the authorized signer’s family.
I. The Foundation Board reserves the right to modify this policy at any time.