Trust Fund Purposes
MANAGEMENT OF UNIVERISTY FUNDS
Background
Chapter 75, Section 11, of the M.G.L., as amended, provides the University of Massachusetts authority to establish and manage trust funds. The University of Massachusetts Policy for the Management of University Funds (Doc. T92-031, dated 6/3/92 and last revised 8/24/05) describes procedures to establish and administer all funds.
To see a PDF version of Doc. T92-031, click on the link below.
http://media.umassp.edu/massedu/policy/RevMngmntUFunds.pdf
The University has established individual trust funds within which to receive revenue and from which to make expenditures related to different facets of campus operations. Expenditures from trust funds must meet the guidelines and criteria as outlined in the Policy for the Management of University Funds, including but not limited to the following:
- Expenditures must relate to and support the purpose for which the trust fund was established; all commitments assumed, and expenditures made of all university funds should be reasonable and necessary to carry-out the activity and in compliance with university and campus policies;
- Expenditures must be used to promote the educational, research or public service mission of the University; and
- University employees may not expend funds for personal gain.
All funds, regardless of the source or the manner in which they are acquired, are considered to be University funds.
In addition, Chapter 75, Section 1A and 9 establish the authority, powers, and duties of the University Board of Trustees, including the authority to establish tuition, fees, and charges. The university policy relative to establishing tuition, fees and charges are more fully defined by the Board of Trustees in the Policy for the Management of University Funds.
Table of Funds’ Purposes
The explanations of fund purpose in the tables that follow have been paraphrased and simplified for expediency. They represent the meaning and intent for what was often a much lengthier document.