NEW ACCOUNT SETUP PROCESS

Transcription

1 NEW ACCOUNT SETUP PROCESS Please follow the below steps to establish a new account/project within University Foundations: STEP 1: GENERATE A GIFT AGREEMENT Using the applicable gift agreement template in Blackboard, make any needed adjusts and add any purpose specifications to the document. Once you have finalized the draft gift agreement, the document to the following individuals for approval: TO: Eleanor Foster Swarat, Esquire efswarat@mailbox.sc.edu ( ) Executive Director of Gift Planning and Legal Liaison to University Foundations CC: Savilla Jenny savillaj@mailbox.sc.edu ( ) University Development Once the draft version has been approved, you may proceed with routing the original gift agreements (please see attached Gift Agreement Notes document) for signatures and continue to STEP 2. STEP 2: COMPLETE THE NEW ACCOUNT REQUEST FORM Complete the New Account Request Form based on the attached example. (This form can be found on the University Foundations website at Once you have completed the New Account Request Form, continue to STEP 3. STEP 3: REQUEST A NEW ACCOUNT To establish a new account with University Foundations, the approved draft gift agreement and the completed New Account Request Form to the following: TO: Wendi Brazell BrazellW@mailbox.sc.edu ( ) Assistant Project Manager, University Foundations CC: Lindsey Fisher LFisher@mailbox.sc.edu ( ) Administrative and Records Manager, University Foundations 1 New Account Setup Process University Foundations

2 Once your is received and reviewed, the Foundations will: Open a new account in Millennium (USC Gift Processing s Donor Database) Open a corresponding project in Financial Edge, if applicable (University Foundations Accounting System - departmental users can access this information via the online Web Reporting System) University Foundations will then the department and DOD with the new account information once it has been established. STEP 4: DISTRIBUTE THE FULLY EXECUTED GIFT AGREEMENT Once the original fully executed gift agreements have been signed by all parties, please distribute as follows: Original #1: Original #2: Original #3: Donor (if there is one specific donor) -OR- Department (if there is not one specific donor) Lindsey Fisher University Foundations 1027 Barnwell Street Columbia, SC Only applicable for Naming Opportunities 2 New Account Setup Process University Foundations

3 NEW ACCOUNT REQUEST FORM This form should be used to establish a new account/project within University Foundations. Please complete and remit this form to Wendi Brazell ( ) at BrazellW@mailbox.sc.edu and Lindsey Fisher ( ) at LFisher@mailbox.sc.edu. ACCOUNT INFORMATION: PREPARER INFORMATION: Date: Name: Phone: *Please Note: An approved Draft Gift Agreement must accompany this form. Account Name: Account Type: Millennium Goal: Account Department: Account Departmental Contact: Endowment Classification: Unendowed: There are no intentions of ever endowing this project Awaiting Endowment: Endowed: Amount Ready to Deposit into Account: If no money has been received, when do you anticipate the first deposit? Funds have not yet been received to meet the required endowment level; The project will be endowed once it reaches the needed endowment level Funds are ready to deposit and the amount meets the needed endowment level $ EXAMPLE Will funding for this project be predominantly generated by fundraising events? YES NO Donor Name: (If the donor is deceased, please also specify who should receive donor letters.) FOR FOUNDATION USE ONLY Account Number Assigned: CAE: Division: Date: Dept. ID: Donor ID: Superdivision: Notifications: Departmental Contact Group Notified Group: USC Gift Processing Notified Project Checklist Generated: USC UNIVERSITY FOUNDATIONS 1027 BARNWELL STREET COLUMBIA, SC FAX

4 USC Gift Processing Determining a Goal in Millennium In the Millennium database, a goal represents what an account will be used for. Based on this, you will choose the appropriate goal: UNENDOWED ACCOUNTS: C01 - Area Designated Scholarships: Annual scholarships are used to recruit or retain outstanding and deserving undergraduate students for specific colleges, campuses or schools. C02 - Carolina & National Merit/Achievement Scholars: Existing funds which have not reached the endowment level and are currently being used to fund the Carolina Scholars Program. C03 - Graduate/Professional Fellowships: Expendable accounts are used to provide fellowships to outstanding graduate students in a number of academic disciplines. C04 - Professorships and Chairs: Expendable funds which have not reached the endowment level are currently being used to attract and retain outstanding faculty. The funds for existing chairs and professorships will be increased to the endowment level during the campaign. C05 - Program Enhancement: Annual expendable funds which are designated for the enhancement of specific programs. For example, funds may be used for the purchase of periodicals for a department, etc. C06 - Campus/College Unrestricted: Annual expendable funds that can be used for unrestricted purposes within a campus or college. C07 - Faculty Development/Teaching Awards: Annual expendable funds that are used to provide teaching awards, faculty travel, monies for subscriptions to books, journals or periodicals for the enhancement of faculty. C08 - Research and Equipment: Annual expendable funds to be used for the purchase of equipment and to support research endeavors. C09 - University Unrestricted: Annual funds that are truly unrestricted in nature and may be used anywhere within the University. C10 - Operations and Maintenance C11 - Other ENDOWED ACCOUNTS: E01 - Area Designated Scholarships: Endowed scholarships are used to recruit or retain outstanding and deserving undergraduate students for specific colleges, campuses or schools.

5 E02 - Carolina & National Merit/Achievement Scholars: Endowment to expand USC s most prestigious scholarship programs the Carolina Scholars and the National Merit/Achievement program. E03 - Graduate/Professional Fellowship: Endowed fellowships will be used to attract and retain the best graduate students in a number of academic disciplines. In addition to developing expertise in their chosen fields of study, graduate students provide a valuable resource for the University and the state through research and public service projects. E04 - Professorships and Chairs: Endowed professorships or chairs will be created to attract and retain outstanding faculty. Also, the endowments for existing chairs and professorships will be increased. E05 - Program Enhancement: Endowed funds earmarked for the enhancement of several key programs throughout the University. For example, new endowment monies to purchase library books. E06 - Campus/College Unrestricted Endowment: Endowed funds that will be used for unrestricted purposes. E07 - Faculty Development/Teaching Awards: Endowed funds used to provide teaching awards, lectureships and overall faculty development. E08 - Research and Equipment: Endowed funds for the purchase of equipment and to support research endeavors. CAPITAL EXPENDITURES: P01 - Capital: Support for new buildings in several academic areas will be included in the campaign.

6 UNIVERSITY FOUNDATIONS ENDOWMENT LEVEL CHART AS OF OCTOBER 1, 2016 CAMPUS EFFECTIVE DATE ENDOWMENT LEVEL PALMETTO COLLEGE Applies to all Palmetto College projects $ 5,000 USC COLUMBIA USC AIKEN USC BEAUFORT USC LANCASTER USC SALKEHATCHIE Opened prior to January 1, 2005 $ 10,000 Opened as of January 1, 2005 $ 25,000 Gift Agreement date prior to January 1, 2007 $ 5,000 Gift Agreement date as of January 1, 2007 $ 10,000 Opened prior to November 1, 2010* $ 5,000 Opened between November 1, 2010 April 30, 2012 $ 20,000 Opened as of May 1, 2012 $ 25,000 Opened prior to January 1, 1990 $ 5,000 Opened as of January 1, 1990 $ 10,000 Opened prior to October 20, 2010* $ 5,000 Opened as of October 20, 2010* $ 10,000 USC SUMTER Applies to all USC Sumter projects $ 5,000 USC UNION Applies to all USC Union projects $ 5,000 USC UPSTATE Applies to all USC Upstate projects $ 5,000 CHARITABLE GIFT ANNUITIES Opened prior to September 1, 2013 $ 10,000 Opened between September 1, 2013 September 30, 2016 $ 25,000 Note: Existing gift annuity donors may create a subsequent gift annuity with a minimum of $10,000. Opened as of October 1, 2016 $ 50,000 *Date shown reflects the date the Foundation was first notified of the increase. UNIVERSITY FOUNDATIONS 1027 BARNWELL STREET COLUMBIA, SC (803) sc.edu/foundations

7 Signatures include: Donor(s) Address Gift Agreement Notes for Accounts in The University of South Carolina Educational Foundation or The University of South Carolina Development Foundation for the Schools/Colleges on the Columbia Campus Jancy L. Houck Vice President for Development and Alumni Relations Russell H. Meekins Executive Director University Foundations (excluding Athletics or Gift Naming Agreements) If Scholarship is being awarded by Student Financial Aid and Scholarships, include: Ed Miller Director Student Financial Aid and Scholarships If Gift Agreement is for one million ($1,000,000+) dollars, include: Harris Pastides President The University of South Carolina If No Specific Donor Template is used, include Dean s signature block, because the College/School is one of the entities in the first paragraph making the agreement. If Amendment, use the same titled signatures as original gift agreement/memorandum of agreement. The Provost s and Honoree s signatures are no longer required, unless it s an amendment. Once Eleanor Foster Swarat has approved, print out two originals. If your Dean or Ed Miller is signing, obtain those signatures prior to sending the two originals to Amie Ritner for the Osborne and Foundation signatures. Amie will return them both to you to obtain the Donor s signature. Donor will keep one original, and return one to DOD for the Foundation. DOD sends Foundation original to Lindsey Fisher, University Foundations, 1027 Barnwell Street, Columbia, SC If Donor had already signed, Amie would return Donor s original to the DOD and send Foundation s original to Lindsey Fisher, University Foundations, 1027 Barnwell Street, Columbia, SC