The Monthly Ledger
A publication by the USM Foundation's Business Office
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Looking Ahead


We have completed scanning all of the account agreements. We are now working on finalizing the scanning of any missing MOU's and we may contact you over the next few weeks to help us find some of these missing documents.


In December, please keep an eye out for our surveys about your accounts where spendable income were not used in FY 2012. 

Help Us Help You!

Disbursement Request Forms

1Please remember to include the first two digits of your Project number. Without the first two digits of your project to identify your campus, your DRF could be posted to the wrong project. With over 3000 projects in our financial system, some numbers repeat and are unidentifiable without the campus code.


2. Please include your full phone number in addition to your name and title when completing the bottom of the DRF. This enables us to contact you should there be a problem with your request. 

1There will be a training session from 1:30-4pm, 12/5 in the Chancellor's Conference Room on the first floor 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. Space is limited.
2. The remote server only allows access from campus computers; if you need to access Dashboard from an off-campus computer, please connect through your VPN first.

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. We continue to monitor the processing times for opening Financial Edge and refreshing the dashboard. Please continue to let us know if you see a significant reduction in processing times.
6. 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 


November 15, 2012
Important Dates


11/19: Last check run for November, 2012 - DRF's due by 1:30pm, today. There will not be a check run on 11/26. 


11/22-11/23: Thanksgiving Holiday - offices closed. Have a wonderful holiday!



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.


12/5: 9:00am-12:00pm: New Administrator Training.

1:30pm-4:00pm: Dashboard Training. Please contact us if you have questions about either training session or would like to register. Please specify which session you would like to register for, or both. 


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


12/17: Last check run for calendar year 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. Before the break, we will post instructions for processing stock gifts on our website while our offices are closed.


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


1/7: First check run for calendar year 2013.

What's New!


When we implemented Dashboard last summer, we made some changes to the data we were tracking on your projects to give you a more complete picture of your accounts and to make it easier to segregate the data within our financial software. These changes also impacted your monthly reports. Based on feedback we have received, we have determined that many of you still have questions about these changes. For the November newsletter, we will do our best to clarify these changes and encourage you to contact us with any questions you might have.


Prior to these changes, your project activity was marked as either spendable or non-spendable. All activity for current use/operating projects was considered spendable, and used account codes beginning with 01-. For your endowments, all revenue (gifts and investment earnings less fees) was tracked as non-spendable and used account codes beginning with 02-. We also gave you a spendable income amount every year that your expenditures were tracked against.


We have not made any changes to how we account for spendable money. All current use/operating projects are still considered spendable and are accounted for using 01- account codes. All spendable income and expenditures on your endowment accounts are also still accounted for using 01- account codes. The 02- account codes continue to track realized investment earnings and fees, and at the end of the fiscal year, we transfer your yearly spendable income from these accumulated earnings to the 01- accounts.


What has changed is how we track your non-spendable endowment dollars. We added 03- as an account code to track new gifts. This allows us to keep track of historical gift values directly in our financial software as they are posted from the Advance gift software. Previously, we tracked historical gift values in spreadsheets, which increased the potential for human error.


On June 30, 2012, we transferred all accumulated historical gift values for all endowments from the 02- code to the 03- code, and have continued to track new gifts for endowment accounts with the 03- code since then. When you log into Dashboard, you should see updated historical gift values as new gifts are received or posted. Ultimately, we only transferred the historical gift dollars from one set of accounts within your projects to another - meaning your overall balance was not affected at all.


Additionally, we created a new 04- account code to track unrealized gains and losses. Originally, this information was maintained outside of our financial software. However, by adding this information, we were able to change your total project balance from a "book value" balance to a "market value" balance. You may have noticed that your ending project balances on your non-spendable reports for June 2012 did not equal the beginning balances on your July 2012 reports. That is due to the entry of unrealized gains and losses made after the June reports had been distributed, which are now tracked using the 04- account code.


For those of you who try to reconcile your records to our records, it may be best to track the unrealized gain/loss numbers separately to see how they are added to your accumulated unrealized gain and loss.


If you need additional clarification, please contact us as we would be happy to explain further.
Have You Ever Wondered...
About the history of endowments?


Were you aware that the concept of endowments goes all the way back to Roman Empire? In fact, Roman Emperor Marcus Aurelius established the earliest endowed chairs in the year 176 AD in Athens. Chairs were created for each of the major schools of philosophy, and later, similar endowments were set up in other major cities of the Roman Empire.


Endowments were later adapted to the modern university system at Oxford and Cambridge Universities in 1502 when when Lady Margaret Beaufort, Countess of Richmond and grandmother to the future king Henry VIII, created endowed chairs in divinity.


Private individuals soon established the practice of endowing professorships and some of those earliest endowments still exist today. Henry Lucas, a member of the British Parliament in 1663 established The Lucasian Chair of Mathematics at Cambridge. Isaac Newton held the chair in 1669, and most recently, noted physicist Stephen Hawking held the chair from 1979 to 2009.


Just think! The same endowments you currently administer could continue to fund the scholarly pursuits of future generations of faculty and students centuries from now!