Establishing an Institutional Trust Fund

• Each new Institutional Trust Fund must be requested from the ITF Office and approved by the Vice Chancellor of Administration and Finance or designee.
• The monies (assets) to be placed in the ITF must meet the criteria as dictated by Institutional Trust Fund Legislation.
• An ITF should be requested when funds are anticipated which qualify under the Institutional Trust Fund Legislation.
• All costs associated with the generation of revenue, including payroll, must be matched with that revenue whether by direct payment of the expense or, if appropriate, by reimbursing another fund which originally incurred the expense.
• Sources of significant amounts should not be combined except by type of revenue and purpose of fund. For example, revenue obtained through gifts should be placed in a separate fund from revenue generated by contractual services. Please contact the ITF Office if you have questions about this.
• If the source of revenue has been identified as a sales activity, please review the Umstead Act – legislation that governs business activity by state agencies/institutions that are considered to be in competition with private enterprise.
• After determining that a new fund should be established, a Fund Request Form and a Fund Authority Form must be completed. All relevant correspondence regarding the fund should be attached and forwarded to the Institutional Trust Fund Office. In some cases, a Sales Activity Questionnaire will need to be completed. Please feel free to contact the ITF Office if you need guidance.
• Once approved, the ITF Office will review for adherence with General Statutes, assign a fund number, and activate the fund in the Banner Finance system. The department will be notified of the fund number and procedures for initiating financial transactions.

New Fund Request and Fund Authority Form