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THIS RESTRICTED ENDOWMENT FUND AGREEMENT - Medical

THIS RESTRICTED ENDOWMENT FUND AGREEMENT - Medical 2025

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The document is a Restricted Endowment Fund Agreement between a donor and the Medical University of South Carolina Foundation, establishing a permanent endowment fund. It outlines the fund's name, contributions, purpose, spending rate, distribution requests, and management procedures. The Foundation retains ownership and control over the fund while ensuring that its income is used for specified charitable purposes.

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Whats the difference between restricted and unrestricted funds?

Unrestricted the donation is made with the understanding that the funds can be used for any purpose that the organisation sees fit. Restricted the donation is made with the understanding that the funds will be used for a specific, stated purpose.

Can you unrestrict restricted funds?

A temporarily restricted fund may specify that the money be used for a specific purpose within a particular timeframe. After the timeframe is over, the funds become unrestricted. A permanently restricted fund, on the other hand, is expected to be put to the use specified by the donor in perpetuity.

Are endowments permanently restricted?

Endowments are usually permanently restricted funds. In most cases, their principal cannot be spent, and only a specified percent of the interest that they earn can be spent per year. Furthermore, there are restrictions on how the interest can be spent.

Can you borrow from restricted funds?

No. A nonprofit cannot borrow from restricted funds. The nonprofit must use these funds for their corresponding purposes.

What is a restricted endowment fund?

A restricted fund is any cash balance that has been earmarked for specific or limited use. Often associated with funds held by donations to nonprofit organizations or endowments, restricted funds ensure that donors alone can direct the usage of those assets.

What is a permanently restricted fund balance?

Permanently restricted funds are assets given to a nonprofit organization that are not to be spent directly on various projects or initiatives. These funds are instead used in endowments to garner interest for the organization and that interest is used to fund projects or programs.

How to manage restricted funds?

Establishing separate accounts for your non-profits regular banking and reserve investments will make tracking interest income and expenses relating to specific funds easier. Separate Accounting Codes: Use distinct accounting codes or fund accounts to track restricted funds separately from unrestricted funds.

What are the restrictions of an endowment?

The guiding documents may literally restrict the use of the endowed funds (referred to as a restriction). For example, the guiding documents may provide that interest earned each year may be used only for certain specified purposes.

THIS RESTRICTED ENDOWMENT FUND AGREEMENT - Medical 2025

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