Restricted Gifts

The department of Restricted Gift Funds establishes an individual project for each gift fund to ensure separation of donor gifts. Each project is normally supported by a written fund agreement that includes the following:

• Donor name and signature
• Recipient name (Rutgers, The State University of New Jersey) signed by the president of the RUF
• Donor intent (purpose of the gift including any restrictions on how the funds are to be expended)
• Administrator of funds (oversees the distributions of funds)
• Amount of donor’s pledge and timeline for fund remittance
• Donor’s agreement to accept a gift assessment fee or state the reason not to accept the fee (Gift fees will be assessed at five percent for all gifts of $10,000 or more, and ten percent for all gifts below $10,000)

• Undergraduate scholarships: $25,000 minimum - $5,000 per year for five years. For example, if a donor makes a one-time gift of $25,000, the department can only distribute $5,000 of financial aid per year, so it lasts at least 5 years; or the donor makes a pledge of $5,000 per year for 5 years. This limits the department from spending more than $5,000 per year.
• Graduate fellowships: $50,000 minimum - $10,000 per year for five years. Similar example as undergraduate scholarships.
• General gifts (non-scholarship and non-fellowship): $5,000 minimum

• Donor remits funds to RUF based on donor agreement.
• Either RUF, the fund administrator, or the departmental financial representative reaches out to the UCO’s Senior Restricted Accountant to request a New Project Request Form.
• The senior accountant requests the following from the departmental financial representative:
  • the title of the gift fund
  • purpose of gift
  • donor agreement/any other appropriate donor support
  • funds held at RUF
• The senior accountant then sends the following to the department to be completed, signed and returned:
  • The New Project Request Form. This includes the project log number and the project title.
  • An estimated budget of spending within the New Project Request Form (scholarships and fellowships do not require budgets).

Please send these forms/documents via email to Rani Masanam at dm1162@finance.rutgers.edu. If the gift is a scholarship or fellowship, the senior accountant will also send the New Project Request Form to financial aid for an approval signature.

The senior accountant submits the gift file to the accounting manager for review and approval before submitting the file to the associate controller for final approval. Once approved, the new gift project is accessible in the Oracle Project Module. This setup includes the project number (5XXXXX), task number, contract numbers, all COA segments. Upon completion of the Project set-up in Oracle, notification will be sent by the senior accountant to the department, RUF and Financial Aid (if the gift is a scholarship or fellowship).