Short term money market investments are recorded by the Operations Accountant on the Temporary Surplus Funds - Investment Summary. This summary is reconciled monthly by Research and Commercial Section, Business Services to the general ledger. The interest income from short term money market funds invested overnight is paid monthly. Research and Commercial Section verify that the amount paid by each financial institution equals the amount expected to be received as per a calculation spreadsheet prepared by the Section. Research and Commercial Section verify that the total amount received during the month equals the amount expected to be received as per a spreadsheet maintained for that purpose.
Interest income is reconciled monthly to the general ledger.
These activities are recorded in the Investment Report prepared quarterly by Research and Commercial as part of the Financial Performance Review. This fund consists of a mixture of bequests, donations and other moneys that are to be invested. By combining these various trusts into one large portfolio, the University obtains the benefit of more attractive investment opportunities available to larger investors. The moneys in the common fund are managed by an external investment manager. Each of the trusts is represented by two accounts, a corpus account and an operating account.