Current “12″ Accounts
Current or expendable account numbers begin with “12.” They are considered short term accounts because the money deposited in them is either moved at the end of each quarter to a linked endowment “32” account or should be spent in the near future.
Expendable accounts sound as if they would be the accounts from which most expenses are paid, but often they’re not. It depends on how the fund is set up.
Expendable accounts usually
- are established by the University,
- accept gifts from multiple donors, and
- are controlled by a dean, department chair, center director or other authorized individual
Expendable account income
Any end-of-month balance of $20,000 or more (not including that month’s gifts) is eligible to earn income from the Foundation.