Handbook
For Medical School Accountants
Endowed Chairs and Professorship Reporting
Last Date Reviewed: 10/09/15
Each year, faculty are required to summarize the use of their Endowment Professorships and Chairs for submission to the Dean’s Office. This report helps provide good stewardship for funds donated to support research and education in the Medical School and to inform the deans of the many ways in which endowed funds are used to enhance the mission of the Medical School. Reports are typically due by the end of August each year
The report should include:
1) An annual report (no longer than 2 pages) explaining:
a. How were funds from the professorship/chair used to further your research, teaching, and/or service during the past fiscal year?
b. How do these expenditures meet the donor’s intent?
c. How do you intend to use the funds in the next fiscal year?
Please do not describe activities that were not directly supported by the professorship/chair or provide information than does not directly address these three questions. Do not describe your overall research program or include additional material.
2) A financial spreadsheet using the SOP supplemental – Endowed Chair Financial Report Template should also be included. The spreadsheet should account for the use of the endowed funds during the prior fiscal year. Department accounting can pull the information from the campus financial system. The ART report may not be used because it does not provide sufficient detail about staff and faculty salary support. Below are the description/definitions of the source of each piece of information on the Endowed Chair Financial Report Template.
A “Fund Statement” report should be run in DMS using 6/30/20XX date for the reporting fiscal year (see example A) to get the revenue funding
a. Carryover Spendable Balance at 6/30/XX – balance on the chair string in the UMN general ledger plus the available^ balance in the UMF fund (if applicable)
b. Earnings Distributed in FY 20XX –* investment earnings at UMF or in the University Endowment Fund (see below)
c. Total Available Funds – Add Carryover Spendable Balance and Earnings Distributed
All expenses should be reported for the chart string as of period 13 in the Prior Fiscal Year. To get these, you can run any UM report, AHC report or ART report that can provide the necessary information.
d. Salaries and Fringe Benefits
i. Chairholder – salaries of the chairholder
ii. Other Personnel- salaries of any other personnel (with title)
e. Equipment – total expenses related to capital equipment
f. Supplies – total expenses in supplies and services
g. Travel and Conferences – total expenses related to travel and conferences
h. Other Expenses (break out significant purchases) – total expenses in all other categories
i. Total Use of Funds – total of all expenses
j. Spendable Balance Carried Over – Total Available Funds minus Total Use of Funds (this number will not usually tie out to the general ledger because the UMF funds are included in the calculation)
3) Include a current NIH Biographical Sketch (limit five pages; NIH Form SF424 or 398). Please do not use any other format for your CV.
Do not use any other format for your report. Do not copy reports from previous years. Reports that are incomplete, use a different format or contain additional material will be returned. The Annual Report, Financial Report and Biographical Sketch should be submitted as a single PDF.
Example A:
^ Available *Earnings Distributed
Do not included “Disbursements” in either Spendable/Available or Earnings figure
In addition, the Dean’s Office keeps a “master” spreadsheet of all Chairs/Professorships in the Medical School. This report is updated annually and may be sent out to departments for their input, typically in the Fall.