We have two items that we would like to bring to your attention this month.
Quarterly Reports to Colleges
New summary spendable income reports are now being distributed to each college every quarter to provide the Deans and relevant support staff with a summary view of the Spendable Income and expenditures for all of the endowment funds for their college. These reports will be delivered around the 15th working day after the end of the quarter.
One of our overall goals is to make sure that available endowment funds are being spent as the donors intended. Our hope is that these reports will get critical information into the hands of more people who can assist in making these spending decisions.
Users who are getting these new reports are encouraged to contact us with any questions they may have or to request any format variations they may want. We will be as accommodative in format changes as our software allows.
New DRF Process for College Park
Effective May 1st, 2012, the USM Foundation will make a change in the way it processes Disbursement Request Forms (DRF) for reimbursements to the University of Maryland, College Park campus.
A revised DRF form will be in place on the web on April 25th. We ask everyone to begin using the new form as soon as it is posted and specifically for any requests that will be made after May 1st. After April 27th, DRF submissions on old forms will be returned to the requestor.
The new DRF form will have a line for the campus account number. Please complete this line when a campus FRS is being reimbursed. It is important that the full six digit account number be included.
Starting May 1st, all DRF forms reimbursing the University of Maryland College Park campus will be paid on one check and sent to the Office of the Bursar to be deposited into a holding account. A separate report will be sent to UMCP General Accounting to create the necessary entries to clear the holding account and credit the individual FRS accounts. The report data will be captured from the FRS field on the new DRF.
The process will work in much the same way as it does with the UMCP Foundation. The reason for this change is to insure accurate reimbursement to campus FRS accounts, and to increase efficiency and improve internal controls around check handling for both the USM Foundation and UMCP.
With the successful implementation of this process at College Park, the Foundation will evaluate the feasibility of this process at other campuses.
