31xxxx: Endowment Income | Accounting

I. GENERAL

Endowment income is the income earned on endowment funds, which is distributed to Current Unrestricted, Current Restricted, Loan or Plant funds. The amount distributed as endowment income is based on the endowment spending policy set by the Board of Trustees. This policy is designed to stabilize annual spending levels and preserve the real value of the endowment over time.

For recording investment income in the Endowment funds, see 331xxx-332xxx, Investment Income.

II. G/L ACCOUNT DEFINITIONS

310000 Endowment Income: The Duke Endowment - Valid for: Investment Office Only

Represents the income received from the Duke Endowment.

310100 Regular Defined Income Distribution - Valid for: Investment Office Only

Represents distribution of income earned by the University's permanent endowment funds (61****).

310103 Endowment Income - Valid for: DUHS

310300 Endowment Income: DU Quasi Endowment - Valid for: Investment Office Only

Represents distribution of income earned by the University's quasi endowment funds (66****).

310303 Endowment Income: DU Quasi Endowment - Valid for: DUHS

310900 Endowment Income: Life Income and Unitrusts - Valid for: Investment Office Only

Represents distribution of income earned by the University's Life Income/Unitrust endowment funds (69****).

311100 Gain Distribution - Valid for: Investment Office Only

Represents the realized gain portion of distributed endowment income from Permanent Endowment funds.

311101 Distribution LAG Contra - Valid for: Investment Office Only

This G/L was created for a contra account to remove distributions from endowments. This entry will be reversed in the following fiscal year in order to have distributions available for budgetary expenditures in the same year. (Created 7/2015)

311103 UMIFA Income - Valid for: DUHS

311300 UMIFA Income: DU Quasi Endowment - Valid for: Investment Office Only

Represents the realized gain portion of distributed endowment income from Quasi Endowment funds.

311303 UMIFA Income: DU Quasi Endowment - Valid for: Closed

312700 Infrastructure Tax - Valid for: Investment Office Only

Account to properly classify Infrastructure Tax GLA when posting to 1xx funds.

312801 Indirect Program Cost (Income) - Valid for: Investment Office Only

Account to properly classify IPCs GLAs as endowment distributions when posting to 1xx funds.

312811 Indirect Program Cost (Gain) - Valid for: Investment Office Only

Account to classify IPCs GLAs as endowment distributions when posting to 1xx funds

3150**

315002 Base: Distribution of Unassigned Income - Valid for: Univ

315004 Incremental: Distribution of Unassigned Income - Valid for: Univ

315006 Strategic: Distribution of Unassigned Income - Valid for: Univ

315008 Other: Distribution of Unassigned Income - Valid for: Closed