The Monthly Ledger
A publication by the USM Foundation's Business Office
Contact Us!
For general questions, informations, suggestions, or comments Request a special report or a report off-cycle
To request a bank wire or ACH transfer or inform USMF of incoming funds

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Help Us Help You!

1There will be a training session from 1:30-4pm, 9/20 in the Atrium of the Elkins Building. To reserve your spot, please send us an e-mail. Remember! To have access to Dashboard you must attend a training session. If you are unable to make this session, there will be others - please keep an eye out for upcoming dates in later editions of the Monthly Ledger. 
2. There is an updated Training Guide for Dashboard located on the webThere is also an updated version of the Dashboard Access Form.
3. Please remember to properly exit Dashboard by clicking on the File Menu and selecting "Exit and Signout." Failure to do so will keep the license open, preventing others from accessing data. Additionally, you will be unable to log-in the next time you try to access Dashboard. 
4. If you open documents and do not see anything, try minimizing Financial Edge. The documents may have opened behind your Financial Edge screen. 
5. If you need help with Dashboard send us an e-mail 

Who We Are


Director of Business Operations



Accounting Associate -
 Accounts Payable



Bernadette Mannone

Accounting Associate - 

Gift Processing

301-445-2704 ______________________________ 


Dawn James

Administrative Assistant to the Vice President for Finance and CFO

301-445-2713 ______________________________ 


John Simcox

Staff Accountant and 

Payroll Administrator

301-445-2734 ______________________________ 


Kate Koyfman

Investments Staff Accountant

301-445-2706 ______________________________


  Linda Ringer

Client Relations Specialist

301-445-2717 ______________________________


Randy Possehl

Grants Coordinator and Staff Accountant Contracts

301-445-2710 ______________________________ 


Roy Hossler

Senior Executive Accountant

301-445-1949 ______________________________


Virginia (Ginger) Whelley

Assistant Comptroller

301-445-2726 ______________________________


Pam Purcell

Vice President of Finance and CFO, General Counsel 


September 19, 2012
Important Dates


9/25: UMBC Dashboard Training, 9-11:30am at UC312, RSVP to Liz Lander by September 21st


11/19: Last check run for November, 2012 - DRF's due by 1:30pm, Thursday 11/15


11/28Payroll Deduction cards must be received by USMF to ensure delivery to Central Payroll and to meet deadline for deductions to start promptly in 2013. If you have specific questions, contact Bernadette Mannone.


12/13: DRF's due by 1:30pm for last check run for calendar 2012


12/17: Last check run for 2012


12/20: Last day to request outgoing ACH or EFT bank transfers for 2012 (due by noon)


12/25/12-1/1/13: The University System of Maryland Foundation will be closed for Winter Break


12/31: Limited staff will be available in the Business Services Office


1/7: First check run for calendar year 2013

What's New!


A new fiscal year brings the opportunity to plan,
strategize, and set goals for the upcoming year. The USM Foundation Business Services staff has just recently completed this process. There is a long list of internal initiatives we have developed but we wanted to share those items we will be working on in the coming year that may impact you.


Our focus for fiscal year 2013 will be on the ABC's - Automation, Best Practices, and Client Relations.


Here are a few projects that we want you to know about:



  • We will be exploring options for electronic submission and approvals of Disbursement Request Forms

Best Practices:

  • We will be reviewing and updating all of our policies and procedures that are available on our web site
  • We will be updating our web site and other communication tools (such as this newsletter) to bring a more consistent and professional look and feel to all of our correspondence

Client Relations:

  • We will be adding new training sessions: one will be for new administrators, and one will be related to our grant administration requirements
Have You Ever Wondered...
About the type of revenues the Foundation manages?

You are probably familiar with the outright gifts donors make through the various appeal campaigns. Then there are the non-gifts, which cover grants and revenues from events, conferences, sale of t-shirts and other miscellaneous items, etc.


Sometimes donors make bequests in their wills or name the Foundation as beneficiary of a life insurance policy. These are always pleasant to receive and are considered planned gifts.


Another growing area of planned giving is charitable gift annuities and trusts. The USM Foundation manages charitable gift annuities, deferred charitable gift annuities, charitable remainder unit trusts (CRUT) and charitable remainder annuity trusts (CRAT). Below is a brief explanation of each of these giving instruments:


Charitable Gift Annuities: A charitable gift annuity is a simple contract through which a donor and/or his or her designated beneficiary is provided with a stream of fixed payments for life in exchange for a gift. With a Deferred Gift Annuity, the annuitant is allowed to receive payments at a future date predetermined by the donor. The date chosen must be at least one year from the contribution date, but the payout schedule offers the same flexibility as the Charitable Gift Annuity. The remaining funds are moved to an operating account or endowment account, based on the donor's wishes, upon the passing of the donor.


Charitable Remainder Unit Trust (CRUT): A Unitrust, also called a Charitable Remainder Unitrust or CRUT, requires that a fixed percentage (minimum 5%) of the annual value of trust assets be paid to the income beneficiary. For example, a CRUT with a value of $2,000,000 and a 5% payout would pay $100,000 to the income beneficiary in that year. If the investment performance for that year was 10% and the value of the trust on the valuation date was $2,200,000 the income beneficiary would receive $110,000 in that year. 


Another benefit of the Charitable Remainder Unitrust is that it will allow for additional contributions. The Unitrust will generally produce higher amounts of income but a smaller tax deduction. Again, the remaining funds are moved to an operating account or endowment account, based on the donor's wishes, upon the passing of the donor.


Charitable Remainder Annuity Trust: A CRAT is a vehicle that entails a donor placing a major gift of cash or property into a trust. The trust then pays a fixed amount of income each year to the donor or the donor's specified beneficiary. When the donor passes away, the remainder of the trust is transferred to the charity.


If you are interested in any of these planned gift options for yourself or a family member or a potential donor, you should speak with your institution's Office of Institutional Advancement.