Funds Functioning as Endowment Designated funds established by the board to function like an endowment fund but which may be totally expended at any time at the discretion of the governing board. This foundation is convenient for individuals who make substantial gifts to charity and have a number of charitable interests, including Cornell. Funds Held in Trust by Others Represent resources neither in the possession nor under the control of the University, but paid and administered by outside trustees, with the University deriving income or residual interest from the assets of the funds. Funds held in trust by others are recognized at the estimated fair value of the assets or the present value of the future cash flows when the irrevocable trust is established or the university is notified of its existence. Funds Held in Trust for Others Funds that Cornell invests as custodian for others but which they do not have the rights to.
Independent trustees are responsible for the funds and for the designation of income distribution.
A will, deed, grant, conveyance, agreement, memorandum, writing, or other governing document under which property is transferred to or held by an institution as an institutional fund. Grant The principal purpose of the relationship is to transfer a thing of value to the recipient to carry out a public purpose of support or stimulation authorized by a law of the United States instead of acquiring property or services for the direct benefit or use of the United States Government. Income Shares Represents income entitlement in the pool. LTIP See Long Term Investment Pool Lead Interest Receives distributions or benefits during the term of the agreement with assets being returned to the donor or distributed to beneficiaries when the agreement term expires. A letter signed by the University and the donor that describes the agreement and intention of the donor's gift, restrictions, endowment, etc.