intro to uf foundation & odaa university of florida foundation david christie, cpa, cgma, citp...

Intro to UF Foundation & ODAA

University of Florida Foundation

David Christie, CPA, CGMA, CITPController, UF [email protected]

mailto:[email protected]


Agenda

About Us How to (website, forms, policies)

Gifts Received FAS Overview Endowment Basics Pre-endowments UFICO & Investments New Auto Transfer Process


About Us

Office of Development & Alumni Affairs Mission is advancement of UF through

private support

ODAA Partnerships UF Foundation, UF Alumni Association College and Unit Development Offices


Integrated Advancement Model


About UF Foundation

Mission: raise/manage private donations for UF

Fundraising, Fund Management, Alumni Affairs

501(c)3 not-for-profit, DSO of UF

Gifts - cash, securities, real property, art work, etc…

Issue gift receipts

Maintain UF external constituents database

Donors, gifts, prospects, etc.

$1.53B Endowment as of September 30, 2014


www.uff.ufl.edu

The Foundation (About us)

Financials (Endowment and Assets, Investment Returns, UFICO)

Forms & Documents (Policies for Fundraising and source of fund management, Forms for transacting business with the UF Foundation)


Forms & Documents


Expenditures - Professorships and Chairs

Policy 5.11

Until fully endowed, cannot be awarded.

Until filled, spendable income may only be spent

on recruitment.

Once filled, spendable dollars may be used for

salary, or a salary supplement:

for the holder and for those individuals directly

associated with the holder’s scholarly work.


Expenditures - Professorships and Chairs (cont.)

Spendable income may also be used, for example, to:

recruit a professor

renovate office or laboratory

pay for his or her travel, subscriptions, equipment, or secretary

support graduate students working directly with holder

make grants to other faculty members for scholarly work directly

associated with the holder’s scholarly work.

If the dean determines there are adequate funds,

with written permission from Provost, a

professorship may have multiple occupants,

provided it is not prohibited by the gift agreement.


Gifts Received

Unique Source of Funds (SOF) for most gifts

Track revenues/expenditures for each SOF

Each SOF assigned a fund administrator

Responsible for compliance with donor restrictions

Determined by Dean or VP

Total Commitments, VSE, GAAP

VSE = Voluntary Support of Education


Foundation Accounting System (FAS)

Purpose is to make information accessible to

fund administrators and other users

Fund balance, gifts, expenditures, etc.

Confidential and not for public use (Policy

1.03, FL Statute 1004.28)

Donor Restrictions (Long Description, Detail Purpose,

Restrictions)


FAS Log-in

https://fasweb.uff.ufl.edu/FAS/login_prompt.asp

Link from Business Center log-in screen





FAS Reports

Fund Listing - Listing of accessible funds.

Fund Detail - Detail fund information for a specified fund.

Available Balance - Amount available to spend from a fund.

Balance Sheet - Displays assets, liabilities, and fund balance for a fund through a specified period.

Income Statement - Displays fund revenues and expenses within a range of specified periods for a fiscal year.

Year to Date Trial Balance - List of all accounts and balances for a fund through a specified period.

Endowment Summary - Displays summaries, through a specified period, of both the endowment principal and spendable funds, balance sheet, income statement, spending base, estimated annual transfers, and available balance.


Endowment Spending Policy

Policy is set by the Finance Committee

Two funds are created for a new endowment

Principal Fund• Gift proceeds• Investment earnings distributions• Provides quarterly transfer to Spendable Fund

Spendable Fund• Receives the quarterly transfers from Principal Fund• Pays 2.5% UFF gift fee


Endowment Spending Policy (cont.)

Spending Rate 4% annually of Spending Base: Endowment Purpose 1.2% annually of Spending Base: UFF Overhead Fee

Spending base Spending/fees calculated on spending base, not MV Goal is to provide stable income stream Spending base is adjusted if the ratio falls outside of

85 – 95% of market value Evaluated quarterly


Pre-endowments UFF Policy #2.19 Endowed Funds and

Related Naming Opportunities revised

Available for funds with a balance less than the required $30,000 minimum Invested in endowment pool and

receives earnings allocations Spendable transfers are turned off until

minimum is reached Available for existing and future funds


UFICO University of Florida Investment

Corporation (UFICO) DSO Created by Board of Trustees July 1, 2004 Oversee UFF Investments, other DSO’s

UFICO Board Provide counsel to Board of Trustees Oversight of all UFF Investments Approve broad asset allocations, policy Review/approve portfolio changes


Endowment Investments

Target real return of 5.2%, preserve purchasing power

Over 2,900 endowments pooled together

Investment Schedule

Month Received Invested

December, January, February

April 1st

March, April, May July 1st

June, July, August October 1st

September, October, November

January 1st


New Auto Transfer Process

Implemented July 1, 2014 Goal is to make Foundation monies

more readily available for spending Includes all non-endowed monies, as

well as, the spendable funds of endowments


Returns * Market Value Spending Base Ratio SB/MV SB Adjustment Quarterly Transfer

Gift received April 13, 2012 100,000 N/A

Invested July 1, 2012 100,000 90,000 90.0% N/A

Value at September 30, 2012 4.0% 104,000 90,000 86.5% None = 90,000 x 1% = 900

Value at December 31, 2012 3.4% 107,500 90,000 83.7% Required = 90,000 x 1% = 900

SB adjustment 1,375

107,500 91,375 85.0% As adjusted

Value at March 31, 2013 -4.2% 103,000 91,375 88.7% None = 91,375 x 1% = 914

Value at June 30, 2013 -8.9% 93,800 91,375 97.4% Required = 91,375 x 1% = 914

SB adjustment (2,265)

93,800 89,110 95.0% As adjusted

Value at September 30, 2013 1.8% 95,500 89,110 93.3% None = 89,110 x 1% = 891

* Returns are net of fees and spending transfers

Spending Base Example


Questions?

David Christie, CPA, CGMA, CITPController, UF [email protected]

mailto:[email protected]

intro to uf foundation & odaa university of florida foundation david christie, cpa, cgma, citp...

Documents

uf foundation slide

uf foundation odaa slide

uf foundation odaa gifts

uf foundation mission

uf foundation odaa agenda

uf foundation odaa fas

advancement of uf

uf fundraising