Financial Services provides accounting support to U of T Scarborough departments that have trust accounts, by:
- Updating investment payout information
- Providing management reports and analysis
- Coordinating the opening and closing of trust accounts based on appropriate criteria
- Completing the annual Donation Financial Reporting process
- Acting as the liaison with Financial Services, St. George to resolve trust related questions
Although all restricted funds are received in trust, the term Trust Fund is generally used to refer to restricted funds OTHER than research awards, student awards and non-research grants and contracts. Trust funds are donations with general or specific purposes.
Types of trust funds
- Endowed: donations that are held in perpetuity and are invested to generate income for the support of endowed chairs and professorships, academic programs, and lectureships.
- Expendable: donations that can be directly used for purposes as designated by donors.
- Signing authority: the signing authority for a trust fund is a principal, dean, director or chair.
Administration of trust funds: the following departments are involved in the administration of trust funds at UTSC:
- Business Officer/Financial Officer of a department
- Development and Alumni Relations Office (DARO)
- Financial Services Department
For more information on the University's policies and procedures with respect to trust funds, please see the Guide to Financial Management