Periodic Transfer of Small Gift and Endowment Income Balances in June

To assist departments in managing their funds, Gift & Endowment Accounting will transfer May month-end gift and endowment income balances below $100,000 from the SFFND Business Unit to the appropriate SFCMP or SFMED Business Unit. The entry will post the week of June 6 (after May month-end close) and will follow the existing convention for transferring funds by using the same Fund, Project, Dept ID, and Function for both Business Units. This action should zero out approximately 200 relatively small Foundation Projects.

Gift & Endowment Accounting is implementing this action in response to department requests to reduce the effort required to transfer small balances from SFFDN to other Business Units. For these existing balances, departments will not need to process an Interbusiness Unit journal entry to transfer balances for spending. To avoid deficits or duplicate transfers, departments should not initiate transfers for balances of less than $100,000 during the week after May month-end close. Transfers will be subject to the 6% Infrastructure & Operations (I&O) revenue assessment that will run during May month-end close unless the Project is exempt per UCSF policy.

For balances that you want to retain at the Foundation (e.g., for reinvestment into a Foundation endowment), provide a list of the Projects balances to remain in SFFND (i.e. not be transferred by Gift & Endowment Accounting) by June 3rd. Send your list to Janet Sandona Jones, Director of Gift & Endowment Accounting & Reporting, at [email protected].

This is the second periodic transfer; the first transfer of February month-end balances was completed in March. We expect to make similar transfers on a quarterly basis. Balance thresholds may change for future transfers; information on future transfers will be disseminated in future Newsletters.