The University of Hartford receives contributions from individuals, for-profit organizations, other not-for-profit organizations, and governments.  Contributions may be received with donor-imposed restrictions and therefore can only be expended for a specific purpose.  All contributions must go through Institutional Advancement, Gift Processing department.  All restricted contributions are assigned individual fund numbers for accounting and reporting purposes. Gift restricted funds are given a fund number beginning with a “2”, i.e.: 299340, 269200.

Donated restricted funds are funds whose use is restricted by an outside party.  Some examples of restricted funds would be funds to support a specific activity, scholarship, sponsor a chair for a department, or new resources for the library.   Restricted funds usually roll over from fiscal period to fiscal period unless the donor states it is for a specific activity or time period. 

Restricted fund donations must go through Institutional Advancement, Gift Processing department.   They will then send over to Financial Accounting Services, (FAS), all of the pertinent information to open the fund.  This information includes details about the donor, specific use of funds, the department and who will be the financial manager of this restricted fund.  Accounting then sets-up the restricted fund on Banner finance and gives Gift Processing the necessary information for their files.   Gift processing will then give the fund number to the financial manager of this fund. 

The financial manager of the restricted fund must ensure expenses charged to the restricted fund are legitimate business purposes as defined under IRS regulations, within the donor’s intent of the gift, and University of Hartford’s guidelines and policies.   The responsibility for accurate preparation and proper documentation of disbursement requests rests with the financial manager of each restricted fund.  All disbursements made must have written justification suitable for auditing purposes, and appropriate backup documentation, i.e.: original invoices and receipts.  Periodic internal audits are performed to ensure compliance with and consistent application of these guidelines and procedures and to assure that donor intent is being followed.