Financial Services

Endowment & Restricted Funds

Endowment and Restricted Funds, formerly known as Special Funds, provide a source of funding to the University to enhance our mission of providing excellence in teaching, research and scholarly activities.  The funds are supported through donations, government grants, sponsorships and registration fees.  Endowment and Restricted Funds support student aid, chairs, professorships, lectureships, libraries, research, non-credit courses, conferences and community service programs.  The uniqueness of each initiative is captured within an individual project in order to comply with funding terms, to provide clear management of the funds and to create the required financial and donor reporting.

Contacts:

Kim Groves
Financial Officer
Endowment and Restricted Funds           
kgroves@uwo.ca
519-661-2111, ext 85447

Mai Nguyen
Accounting Analyst
Endowment and Restricted Funds           
mnguye24@uwo.ca
519-661-2111, ext 85451

Project Types and Project Numbers

Types of Projects

Restricted Project Numbers

Endowment Project Numbers

Continuing Education

3XXXXX – 49XXXX

-

Faculty/Departmental

61XXXX

71XXXX, 8XXXXX – 81XXXX, 83XXXX – 84XXXX

Chairs/Professorships

62XXXX

72XXXX, 82XXXX

Lectureships

63XXXX

73XXXX

Research

65XXXX

75XXXX, 85XXXX

Student Aid

67XXXX – 68XXXX

77XXXX – 79XXXX, 87XXXX – 89XXXX

Endowment Projects

Endowments are restricted based on terms agreed to and approved by the donor or government agency and the University. An endowment has two components; a capital (fund 5) portion and an expendable (fund 4) portion. The capital portion of the endowment is held in perpetuity to generate income and cannot be spent. The capital is invested in accordance with University policy.

Manual of Administrative Policies & Procedures (MAPP) MAPP 2.26 Statement of Investment Objectives, Policies and Governance

In May of each year, an allocation for spending is done from the capital portion to the expendable portion of the endowment in accordance with University policy.

Manual of Administrative Policies & Procedures (MAPP) MAPP 2.11 Investment Payout Policy

The university is entrusted with the responsibility to ensure that funds are used in accordance with the terms set out in the donor agreements or terms of reference. In order to provide accountability and reporting to our donors, government agencies and auditors, spending is done directly from the expendable portion of the endowment and cannot be transferred to another project or fund unless specified in the agreement.

New endowment projects can be established after review in Financial Services of the completed Endowment and Restricted Fund application form.

Endowment and Restricted Fund Application Form

Restricted Projects

Restricted projects have spending available for immediate use based on the terms agreed to and approved by the donor or governing agency and the University. Similar to endowments, the university has a fiduciary responsibility to ensure funds are spent in accordance with donor agreements or terms of reference. Therefore, unless specified in an agreement, funds are to be spent within the restricted project and cannot be transferred to another project or fund.

New restricted projects can be established after review in Financial Services of the completed Endowment and Restricted Fund application form.

Endowment and Restricted Fund Application Form

Printing Financial Reports

In addition to viewing project balances in GL Inquiry in the General Ledger, you can also view project information in the following reports.

    • Endowment Report - lists the expendable and endowed financial information for a specific range of projects and/or departments
    • Expendable Report - lists the expendable portion of endowed and restricted funds for a specific range of projects and/or departments

The reports can provide 3 levels of information based on the user’s needs.

      1. Project Summary-  lists all projects balance forward, current year revenue, expenses and encumbrances and the ending month balance
      2. Project Detail - lists by account, all projects previous month balance, current month activity, outstanding encumbrances and the ending month balance
      3. Journal Transaction Detail - lists by account, all projects current month journal entry activities

Reports can be run from the users desktop as required.

How to Print the Expendable and Endowed Reports

If you have any questions regarding the content of the statements, please contact the Financial Officer or Accounting Analyst, Endowment and Restricted Funds.

Continuing Education Projects

Continuing Education projects include University non-credit courses, community services programs, conferences, workshops, seminars, fundraising events and day camps. These events contribute to the Universitys role within the community and are financed primarily by participant fee revenue and grants awarded by governments, external agencies, foundations and corporations.

Types of Projects One-Time Continuing
No Registration Fees or Sales 3XXXXX 4XXXXX
Registration Fees or Sales 39XXXX 49XXXX

New Continuing Education projects can be established after review in Financial Services of the completed Continuing Education Application Form. Also included with the form are the guidelines for this type of project.

Continuing Education Application Form

HST

Registration fees for conferences, workshops, seminars and ticket sales for events are subject to 13% HST. Brochures, registration forms, and websites referencing registration must include the Universitys HST number (10816 2587 RT0001). As per the Canada Revenue Agency, projects that charge HST on registration and ticket sales will receive a 100% HST rebate on related expenses.

Depositing of Cheques

Departments are responsible for depositing conference registration fees or ticket sales through the Central Cashier using the form below. Deposits must be split between the project revenue account and the corporate HST account (UW82 105400). Please keep back-up of your HST calculation as they are subject to audit.

Deposit Memo

Any donations or sponsorships received must be sent to Advancement Services for deposit to ensure that the appropriate charitable or business receipts are provided. Cheques sent to Advancement Services must be accompanied by a Faculty Remittal Form.

Faculty Remittal Form

Overhead

Continuing Education events have an incremental cost to the University. In order to make a contribution to these incremental costs, overhead is charged to projects at the end of each month based on the monthly transactions. Overhead is not charged on internal transfers or on donations that have been issued a charitable tax receipt through Advancement Services.

Budgets

Annual budgets are required for Continuing Education projects and must be submitted by May 31st of each year using the Continuing Education Application Form.

Medical Tithes

Medical tithes are part of the Clinical Academic Contract between the Schulich School of Medicine and Dentistry, its affiliated hospitals and the appointee. Medical tithes are funds that have been receipted and deposited to a University Restricted project to be used exclusively for expenditures on medical scientific research and/or academic development at the Schulich School of Medicine and Dentistry.

Depositing of Medical Tithes

There are 3 options:

    • Electronic Funds Transfer (EFT) through the Finance Department at the Schulich School of Medicine and Dentistry
    • Cheque (sent to the Accounting Analyst in Endowment and Restricted Funds)
    • EFT directly to Financial Services

The following information must accompany the deposit:

    • Total amount of deposit
    • Department
    • Tithe account
    • Listing of Tithe amounts by physician

Please note that the list of physicians must match the receipts required (i.e. deposits relating to physician groups must state the amount relating to each physician). The business receipt will reflect the date the funds are deposited in the UWO bank account.

Receipting of Medical Tithes

Financial Services creates business receipts that are distributed to physicians through the Administrative Assistant in each clinical department based on the physicians preferred twelve month period (calendar year or corporation year). The Financial Management Committee of each clinical department is responsible for providing a letter to accompany the business receipt that indicates what portion of the medical tithe was spent on research activities.

Medical Tithe Transfers

The purpose of the Medical Tithes is to support research and academic development and therefore, transfers are allowed only to Research or Operating accounts. All requests for the transfers of funds are completed in Financial Services upon submission of the Medical Tithe transfer form. A detailed expense description of the transfer is required. All back-up relating to the transfer must be kept in the clinical department for audit purposes.

Medical Tithe Form

The University of Western Ontario Foundation Inc.

The University of Western Ontario Foundation Inc. (the Foundation) was incorporated in the State of New York in 1966 for the purpose of providing non-alumni with a charitable tax receipt, recognized by the Internal Revenue Service (IRS), for donations to The University of Western Ontario. The Foundation is recognized as tax-exempt public charity under section 501(c)(3) of the Internal Revenue Code.

The Foundation directors consist of the President, Chair of the Board of Governors, Vice-Chair of the Board of Governors and the VP External of The University of Western Ontario.

IRS Employee Identification Number (EIN): 13-6620923

Registered Charitable Numbers

The University of Western Ontario
Charitable Business Number
# 10816 2587 RR0001

The University of Western Ontario Foundation Inc.
Employee Identification Number (EIN)
13-6620923

Additional Reference Material

Advancement Operations

Receipting Guidelines
Faculty Remittal Form

Treasury Services

Operating & Endowment Fund Investing

Administrative Policies