Bowdoin Colleges' endowment consists of approximately 1,300 individual funds for which formal terms have been established by the donor and College representative, approved by College counsel, and voted upon by the Board of Trustees. The spendable income generated from each of these funds may be restricted to a specific purpose, i.e. financial aid, professorship, faculty development, designated academic use, student research, library use, lectures, or prizes. Some endowed funds are unrestricted.
Each endowed fund has an appointed fund manager. This individual has the responsibility and authority to expend the spendable income generated on an annual basis. As required by the FASB accounting regulations, all restricted monies must be expended before the use of unrestricted funds, thus it is the responsibility of the fund manager to see that this occurs on an annual basis (exceptions might be if the fund is too restrictive whereby the terms should be renegotiated by the Development Office or there is a justified and documented reason for carrying the income over in anticipation of a major purchase or program). The fund manager must also be accountable for the use of endowment fund income - fiscally and in respect to the stewardship of those who established, contributed to or with an interest in the College's use of the fund. The fund manager is the one authorized to sign off on accounting vouchers, manage the account.