University of Illinois System
Policies & Procedures

11.8 Returning Funds to the University of Illinois Foundation 

Policy Statement

The University of Illinois Foundation (UIF) distributes revenue to gift funds within Banner. Under certain circumstances, a portion (or all) of this revenue should be returned to UIF for reasons such as:

  1. Investing or reinvesting the funds into a UIF endowment; or
  2. Returning funds which were erroneously distributed to a Banner gift fund.

The return of funds to UIF from a Banner gift fund must be processed as outlined within this policy.

Reason for the Policy

To ensure donor intent compliance and proper financial statement reporting when returning funds to the UIF.

Applicability of the Policy

Units that need to return funds to UIF as outlined within the policy statement.

Procedure

In order to return funds to UIF, the following requirements must be satisfied:

Requirements to return funds to invest or reinvest into a UIF endowment:

  1. The unit verifies that the Banner gift fund has a sufficient cash balance to ensure the return will not cause a deficit.
  2. A Return of Gift Funds to UI Foundation form must be completed and approved by the unit and UIF to ensure compliance with donor intent.
  3. The return must be approved and processed by University Accounting and Financial Reporting (UAFR) to ensure proper financial statement reporting.

Requirements to return funds which were erroneously distributed to a gift fund within Banner:

  1. Erroneous distributions to a Banner gift fund are typically identified by UIF. However, if a unit identifies an erroneous distribution to a gift fund, then they should notify UIF and provide a copy of the operating ledger transaction statement which includes the erroneous distribution.
  2. The return must be approved by UIF.
  3. The return must be approved and processed by University Accounting and Financial Reporting (UAFR) to ensure proper financial statement reporting.

Forms Used in this Procedure

Return of Gift Funds to UI Foundation

Additional Resources

Gift Funds

Last Updated: November 16, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: May 2006