A fully executed Memorandum of Understanding (MOU) must be on file for every endowment and quasi-endowment fund held by the USM Foundation.

 

The USM Foundation Business Office is the office of record for all MOU’s.

  1. The development officer or his/her designee at the appropriate institution coordinates the production of a rough draft of the MOU (see the MOU Sample and the MOU Worksheet for guidance in preparing the draft.) Questions about the content of the draft should be directed to the USM Foundation General Counsel and our Business Support e-mail box.
  2. The draft is then circulated to the donor and appropriate university officials for revisions and/or clarifications. This step may need to happen multiple times as revisions to the original draft are made.
  3. A copy of the original draft and subsequent revisions must be sent to the USM Foundation Chief Financial Officer for review and approval before a final copy is produced. A completed Account Agreement Form must accompany the draft.
  4. When all revisions have been made and approved, three (3) original copies of the final version of the MOU are produced and routed for signature first to the donor, then to the institutional president and other designated institutional parties, and finally to the USM Foundation President.
  5. The USM Foundation mounts the donor copy of the MOU in a formal cover once the USM Foundation President has signed the documents. (UMCP provides their own cover and will mount the donor copies themselves.)
  6. The USM Foundation will forward the donor copy and the copy for the institutional president to the appropriate Development Office for delivery. The USM Foundation will retain the third original in a secure location and attach a scanned copy of the MOU to the new account record in the financial software system. The Development Office can make additional photocopies as needed.
  7. Planned Gift Endowments are not established in the financial software until the defined terms of the gift are met. An Account Agreement Form should not be submitted with a Planned Gift Endowment MOU. Once the terms of the gift are met, the Account Agreement Form should be prepared and submitted with notification to the USM Foundation that it is ready to be established as an active endowment account
  8.  Please submit this notification and the Account Agreement form to our Business Support e-mail box.

 

Business Support Email: usmf-business-support@usmd.edu