Proof of the minimum deposit or transfer and a completed Account Agreement Form is required to create a new account. The form provides the USM Foundation with important information for the ongoing administration of the account. That information is as follows:
- The Department/Unit and Institution for which the account is being established.
- The Account Type – see list above. Funds with donor restrictions cannot be deposited into an unrestricted current use account. If a donation comes with restrictions it must be deposited in an existing account with the same restrictions or a new account must be established. A fully executed Memorandum of Understanding is also required for Endowment accounts and Quasi endowment accounts.
- Account Name – this must match the Memorandum of Understanding if applicable
- Purpose for which the funds will be used. Be as descriptive as possible – do not leave this section blank.
- Department/Unit Signature – the form must be signed by the Dean/Chairperson/Vice President or equivalent organizational unit head.
- Account Administrator is the person at the institution responsible for the stewardship of the account. He/she will receive monthly statements and is responsible for reviewing and reconciling account activity.
- Authorized signers are the designated people with the authority to approve requests for disbursements or to make other account changes. At least two people must be designated and the Account Administrator cannot also be an authorized signer. A donor to an account may not be an authorized signer to that account.
This form can be scanned and e-mailed to our Business Support e-mail box. We do not need the original.
Business Support email: usmf-business-support@usmd.edu