FUNDRIVER

Fill out the access form located in the Resource Library.

The Endowment Administrative Fee is a Board of Governors-approved annual charge to every endowment that helps support the Rutgers University Foundation’s activities. The fee represents a 0.95 percent charge to the average market values of the pools over the past 13 fiscal quarters since the last closed fiscal year.

All fees and expenses, including the administrative fee, are taken into account when determining the Long-Term Investment Pool’s market value.

Beginning July 1, 2019, any unused spend balances will be rolled over into a department’s operating account unless the donor agreement specifies that add any unexpended income should be added to the endowment’s principal.

As of January 1, 2018, the language in donor agreements states that unused operating income will remain in the operating fund. Only Rutgers senior management can decide to transfer unexpended income back to principal.

No. Thirteen fiscal quarter end periods (three years) are used to balance big swings in market conditions during that time.

Departments can use FUNDRIVER to view monthly spend in the next fiscal year (calculated on June 30, xxxx) and will be able to see the eligible spend date for funds held in the pool for 12 months.  

The Controller’s Office, in partnership with the Rutgers University Foundation, has established a temporary Chart of Accounts (COA) string to hold the endowment. This allows the Foundation to send funds held in temporary accounts sooner. Although these projects will be eligible to receive spend on July1st, using this process for new projects in the future will start the clock sooner on the 12-month waiting period. New endowments will begin getting spendable income one year from the date that the Rutgers University Foundation sends the initial gift to the University Controller’s Office.

Once departments give the Controller’s Office the correct accounting information, changes can be made in the COAs and in FUNDRIVER to reflect the department’s COA string.

Please write to fundriver@finance.rutgers.edu. The team will review the endowment and make corrections if needed.

There is no guarantee it will help. If the unit price at year-end is lower than the unit price when the funds were added, the addition will also be underwater. Example: If $1,000.00 was added and the unit price was $5.00 per unit, 200 units would be added. If the unit price drops to $4.95 the next month, those units are only worth $990.00 ($5.00 - $4.95 = .05; 200 x .05 = $990).

Departments will not be notified but can check the underwater report anytime in FUNDRIVER. The underwater report can be exported to Excel, at which point a department can calculate the percentage by dividing the market value by the historic gift to determine if a fund is within the 15 percent threshold.

Yes. The department must propose a withdrawal of principal from quasi endowments after obtaining approval from the unit Chancellor at least six months prior to the proposed withdrawal date. Departments make these proposals by submitting a redemption plan to the Controller’s Office.

The ending contributed value is the historic gift balance.

Yes. In the near future, the team will start scanning endowment documentation and adding it to FUNDRIVER.