Update on Creation of Designated Funds
Overview
In collaboration with the Office of Budget and Financial Planning and the Provost Office, the University is implementing a change to the creation of designated funds to improve fund management and reduce unnecessary proliferation across the fund hierarchy.
This change aligns with financial reporting best practices and audit expectations by maintaining a clear fund purpose, reducing fragmentation, and promoting consistency in how financial activity is tracked and reported.
Effective Immediately
The creation of new designated funds will be limited within the following rollups:
- 150000 – Designated Funds
- 150999 – Designated Funds Endowment (Salus)
- 160000 – Other Discretionary / Award Funds
Requests to establish new funds within these rollups will require review and approval by the Office of the Comptroller.
Guidelines for New Funds
New designated funds will only be established when:
- There is a clear operational need; and
- An initial funding level of $50,000 or more is being established.
In many cases, existing funds should be used instead of creating new ones.
Important Information
This change applies prospectively to the creation of new funds only and does not impact existing designated funds or current activity within those funds.
Designated funds outside of the rollups listed above are not impacted by this change.
Questions
If you are considering creating a new designated fund, please contact Financial Reporting at acct11@drexel.edu in advance to discuss the request.
Thank you for your cooperation as we continue to strengthen financial stewardship and consistency across the University.