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Establish New University Loan Funds

    • Last Updated: 05/12/2017
    • Effective Date:

    Policy Statement

    The Bursar’s Office Division maintains and operates several different types of University loan funds.

    Reason for policy
    The Bursar’s Office Division Establishing a new University Loan Fund policy is needed to keep a centralized location and uniform procedure for all University loans funds.
    Procedures

    The Bursar's Office is responsible for reviewing proposed trusts and preparation of appropriate trust documents in conjunction with prospective donors. As legal trustee of funds held in trust by the University of Georgia, the Board of Regents must approve and acknowledge trusteeship of a proposed trust agreement.

    The funding requirements to establish a corpus as a University loan fund include the following:

    1. An initial deposit shall be a minimum of $100.

    2. If a fund does not reach $1,000 within a twelve-month period, the funds on deposit shall be:

    a. Transferred to an existing fund of the donor's choice most closely serving the intended purpose, or

    b. Transferred to an unrestricted general purpose endowment or loan fund.

    3. If a fund does not reach $3,000 within a thirty-six month period, the funds on deposit shall be transferred as in (2) above.

    4. If a fund does not reach $5,000 within a ten-year period, the funds on deposit shall be transferred as in (2) above.

    Forms/Instructions

    Bursar’s Office Department Website:

    http://www.bursar.uga.edu/

     University of Georgia Short-term Loan Information:

    http://busfin.uga.edu/bursar/bursar_single_semester/

    University of Georgia Long-term Loan Information:

    http://busfin.uga.edu/bursar/bursar_cosigner_loan/

    Board of Regents of the University System of Georgia

    http://www.usg.edu/policymanual/section7/policy/7.4_private_donations_to_the_usg_and_its_institutions

    Board of Regents of the University System of Georgia Business Procedures Manual 19.2 Gifts and Donations

    http://www.usg.edu/business_procedures_manual/section19/C1554/

    Additional contacts

    Michele Sellers

    Phone Number: 706-542-2965

    Responsibilities

    Responsible University Senior Administrator: Vice President for Finance & Administration

    Responsible University Administrator: Associate Vice President and Controller

              Policy Owner: Bursar’s Office Division

              Policy Contact: Michele Sellers

              Phone Number: 706-542-2965    

    Record Retention

    This series documents potential or realized private, corporate, or public agency funding to the institution, including endowments and trusts. This series may include but is not limited to award guidelines; letters and agreements of gifts; copies of bequest instruments and wills from individuals or estates; financial statements and reports, including records of fund disbursements; and related documentation and correspondence.

    Record Copy: Institutional Archives; Administering units

    Retention: Permanent for letters and agreements of gift, copies of bequest instruments and wills from individuals or estates, and related documentation and correspondence; 7 years for all other records. BOR 0472-02-018