As one of the University of Minnesota’s officially recognized foundations, the University of Minnesota Foundation receives and manages funds that benefit the University of Minnesota Medical School, School of Public Health, and several other affiliate organizations and programs.
Establishing funds and accounts
With UMF’s assistance, faculty and staff members can establish accounts and manage funds made available through gifts, grants or other donations. Three types of accounts exist:
- A Demand Fund operates like an interest-bearing checking account and invested in our short-term pool with no market risk. It has no minimum balance requirement and funds are opened once there is money to deposit into the fund.
- A Quasi Endowment is an endowment in which the principal can be invaded for the purpose for which the account was established. The fund is invested in our long-term pool and has a spending limit of 20% of the prior year's cash balance. The Quasi Endowment has a minimum balance requirement of $10,000.
- A Permanent Endowment is established for perpetuity and does not allow for the gift to be spent. It is invested in our long-term pool with an annual payout based on the Foundation's spending policy. The endowment has a minimum balance requirement of $25,000.
For information about establishing or managing accounts, contact the University of Minnesota Foundation at 612-624-3333.