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Overview

To strengthen financial reporting, improve transparency, and ensure alignment with donor intent, the University is implementing new controls on transfers involving restricted gift and endowment spending funds.

Effective immediately, transfers out of certain restricted gift funds are no longer permitted and the in the Finance Toolbox has been updated to reflect this change.

New Transfer Restrictions

The in the Finance Toolbox will now prohibit funding transfers out of the following funds:

Endowment Spending Funds

• All funds within Fund Roll-Up 350000 - Endowed Spending

Specific Purpose Temporarily Restricted Gift Funds

• Funds where:
  • Fund Type Code 2 = "22 - Current Restricted Funds"
  • Restriction indicator reflects temporarily restricted activity
  • Fund is not general purpose in nature

These funds must retain activity within the original fund to ensure proper tracking and reporting.

Gift Funds Where Transfers Remain Permitted

Transfers will continue to be allowed for:

• Fund Type Code 2 = “22” funds that are:
  • General purpose in nature, or
  • Unrestricted

These funds may continue to support broader operational activity, including transfers where appropriate.

Effective Date

These changes are effective immediately and will be enforced through updates to the Journal Workflow in the Finance Toolbox.

Purpose

This change is intended to:

• Preserve integrity of restricted funding.
• Ensure expenses are recorded within the appropriate funding source.
• Improve visibility and reporting of donor-restricted and endowment activity.
• Reduce fragmentation of activity across multiple funds.

If you have any questions concerning this change, please contact me at pjr27@drexel.edu.

Patricia J. Dalessandro, MBA, CPA, CFE
Vice President and Comptroller