Has your unit ever received a request from an employee (such as a faculty member) to relinquish gift funds (or assets purchased with gift funds) to an external institution? This occasionally happens when a faculty member leaves the University of Illinois System for employment at an external institution, and they request to take the System’s gift funds which were restricted solely for their scholarly activities (such as research) with them to their new employer.
If your unit receives this type of request, remember that the System is under no obligation to approve this request, as the gift money and assets are owned by the System and not by the separating employee.
However, if your unit agrees to the request, just keep in mind that there are a certain set of requirements that must be met before the relinquishment can occur. For further details on these requirements, visit Section 11.4, Relinquishing Gifts to an External Institution within the Business and Financial Policies and Procedures manual.
Contact
If you have further questions, feel free to reach out to UAFR’s applicable subject matter experts within the Gift Funds section of UAFR’s Who to Ask list.
