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



During the first quarter of 2012, the Foundation wants to schedule training sessions for account administrators. If you have a specific need or topic you want addressed, please send us an 

e-mail. We want these sessions to be informative and to meet your needs.

Help Us Help You!
1No staples on DRFs, and thanks for the quick response to taping receipts.

2. Foundation policy requires original receipts. If there is an unusual situation contact us for guidance.


3. New Vendors - send a W-9 to avoid a delay in processing. A new W-9 should be completed anytime an address or name change occurs.

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 


December 12, 2011
Important Dates



12/16: DRFs due by 1:30pm for last check run for calendar year 2011


12/19: Last check run for 2011


12/27: Bill Wojcik and Ginger Whelley available by e-mail


12/28: Office open from 9am-2pm. Bill Wojcik, John Simcox, and Bernadette Mammone in office, Ginger Whelley available by e-mail.


12/29: Office open from 9am-2pm. Bill Wojcik, Bernadette Mammone, and Ginger Whelley in office.


12/30: Office open from 9am-2pm. Bill Wojcik, Kate Koyfman, Ginger Whelley, and Randy Poessehl in office.  


1/2: Closed for New Year's Day holiday


1/9: First check run for calendar year 2012

What's New!

A few months ago, we implemented and began using a new electronic document storage system called PaperSave. PaperSave integrates with our accounting software and allows us to scan documents and attach them to the corresponding records in the accounting software. If the documents are needed at a later time, we can view them directly from the accounting software without having to pull them from file cabinets, book shelves, or storage rooms. Additionally, we can print any document we need directly from within the software or e-mail them as .pdf attachments.


Currently, all Disbursement Request Forms (DRFs) and corresponding backup documents are being scanned as well as any documentation to support journal entries we post. We have also begun scanning all support documentation and reports related to active contracts and grants as well as all of our hard copy Memorandums of Understanding (MOUs) on all of the endowment accounts. We have completed scanning all documents related to our annuity and trust accounts.


The implementation of this software is a critical step in our longer range goal of giving all of the account administrators viewing access to our accounting system to be able to manage your accounts on a real time basis. Eventually you'll be able to review an account balance, drill down to the activity and then open up a transaction and its supporting documents in a matter of seconds - something to look forward to in calendar 2012!


We asked you to avoid using staples when preparing your DRFs and to tape receipts because of the scanning process. We are using page feeder scanners and have to remove all staples so as to not jam the scanner. 

Have You Ever Wondered...
What spendable income is? And how it is calculated?

Spendable Income is the portion of your accumulated earnings of your endowment accounts that you are

allowed to spend each year. Each year the Spending Policy Committee of our Board recommends a

spending rate to the Executive Committee. In determining the spending rate the Board is required by Maryland law to take many factors into account, but the overall goal is to strike a balance between preserving the purchasing power of the endowment and providing a reliable stream of income to the account holders. Typically, the spending rate has ranged from 3.5% to 5%. Here is a link to our full spending policy.


The spending rate is finalized in February and is applied against your Dec. 31st market values to determine your spendable income for the following fiscal year that begins on July 1. These calculations are done in February so that you have your spendable income amounts in time for your budgeting and planning process for the next year.


All endowment accounts that have a balance over the account's minimum threshold (can vary by account), which have been in existence for at least one year as of June 30, and which are not underwater (market value is below total gifts received) are eligible for a spending calculation. Also, any unspent spendable income from the prior two years can generally be carried forward.

Not all endowments follow these rules, however. Some endowments are structured to allow for spending even when the endowment is underwater and others might dictate a unique rule for how much should be spent from the fund. It is important to review the memorandum of understanding or other document which governs your endowment fund(s) to make sure the terms are being complied with. Moreover, if you feel you can justify spending from an underwater fund, a request can be made. 


For more information, send us an e-mail.  


Here are some examples of how the spendable income is determined:


Example 1: Account A had $10,000 deposited on Sept 30, 2011. This account would not be eligible for a spendable income calculation for FY13 because it will not have been in existence for one year by June 30, 2012.


Example 2: Account B had a balance of $10,100 on June 30, 2011, its MV on Dec. 31, 2011 was $11,000 and its original gift amount was $9,000. This fund would be eligible for FY 13 spendable income. If the rate was 4% the spendable income amount would be $440 ($11,000 x 4%).


Example 3: Account C had a MV on Dec. 31, 2011 of $8,900 and its original gift was $9,000. This account would be ineligible for FY13 spendable income because it is underwater ($8,900 MV less than the $9,000 gifts).