Benefactions and gifts to establish new Trust Funds are always reported to Council and a Notice announcing acceptance by the University is published in the Reporter.
The Notice would usually be accompanied by a grace, or grace and report, to set up regulations for the management of the new trust fund.
The Development Office will make arrangements to receive the benefaction into their separate bank account for the Cambridge University Development Office. They will then organise a journal to be done to transfer the funds to the new trust fund account.
The Finance Division will set up a new trust fund account on the University Financial System (UFS), and make arrangements to invest the money on behalf of the fund. Monthly financial statements will be produced and distributed to the managers from this point.
Original donation agreements are held by the Development Office, and copies are held centrally by the Finance Division. Trust Fund Managers are advised that it is good practice to set up files within their department, to keep their own copies of all appropriate paperwork/correspondence for future reference.