Establishing New Accounts
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Modified on: Tue, Jul 7, 2020 at 1:36 PM
Minimum Requirements
- A minimum deposit or transfer of $500 is required to open a new account
- Operating accounts that remain below the minimum for a period of 3 months are subject to closure unless special circumstances exist. The Foundation will work with the department to determine where the remaining funds are transferred
- Endowment and Quasi Endowment accounts can be opened with the minimum deposit noted above and with a fully executed Memorandum of Understanding on file. However, endowment
- accounts must be in existence for one year as of July 1 and have reached a $10,000 market value ($25,000 for UMBC) before Spendable Income is available.
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