UMF
/
- No dollar minimum
 - Operates like interest-bearing checking account
 - Guaranteed interest rate determined by Board
 - No market risk
 - Invested in short-term pool
 - 3% admin fee assessed on each gift (See SOP Supplemental – Demand Fund Administrative Fee Final Materials)
 
- $10k minimum
 - Spending is limited to 20% of prior year’s ending cash balance (includes available amount)
 - Invested in long-term pool
 - Investment earnings (losses) based on actual pool performance
 - Annual administrative fee of 1.5%
 
- $25k minimum
 - Gift/principal may not be spent
 - Invested in long-term pool
 - Payout is based on UMF spending policy
 - Principal investment earnings (losses) based on actual pool performance
 - Annual administrative fee is 1%
 - Unspent payout (available funds) remains invested in long term pool
 - Reinvestment of available funds to principal is permitted on annual basis
 
TIP
Temporary Investment Fund / GIP
Group Income Pool / CEF
Consolidated Endowment Fund / PUF
Permanent University Fund / SIF
Separately Invested Funds
UMN
/
- Compromised of University’s daily working capital
 - Internally managed
 - Daily cash balances invested by Office of Investments and Banking
 - Assets required for short-term use are invested in TIP and used to fund daily banking needs
 
- $25k minimum initial deposit
 - $10k minimum subsequent deposits
 - Must have positive chartstring balance
 - Requires Dean-level approval
 - No true endowments or quasi-restricted endowments
 - 45-day advanced notice to withdraw using form UM 1638
 
- Primary investment portfolio for all public and private gifts to the University of Minnesota
 - Distribution rate of 5% of 3-year trailing average of market value
 - See add’l information below
 
- Public endowment established with income from sources such as state iron ore taxes, royalties, and federal land grants
 - Has two parts-a University part and a foundation part
 - Each withdrawal from a PUF is matched to some degree by a foundation. The contribution amount by a foundation to a PUF withdrawal is determined by the foundation.
 - PUF is part of the CEF pool.
 
- Only established with a documented request from a donor for separate investment
 
True Endowment / Quasi Endowment / Term Endowment / Life Income Fund Endowment
CEF
/
- Must remain permanently intact, principal may not be spent
 - Reinvestments back into true endowment are not allowed.
 - Withdrawals from true endowment not permitted
 - Earnings can only be distributed to quasi or EFS chartstring, they cannot be reinvested back into true endowment.
 - $50,000 minimum beginning investment
 
- Remain an endowment based on management prerogatives; principal may be spent for purposes of the gift.
 - Quasi earnings can be reinvested back into quasi or distributed to EFS chartstring.
 - Departments can process withdrawals from quasi with no dollar amount limit
 - $25,000 minimum beginning investment
 - You can withdraw up to the full value
 
- Remains an endowment for a specified period of time.
 - $50,000 minimum beginning investment
 
- Remains an endowment for the life of the donor. All or a portion of the income is paid to a life income beneficiary for the remainder of the donor's life.
 - $50,000 minimum beginning investment
 
