Foundation Terminology

Batch

Is a word to describe work grouped together.  The Foundation has batches from Advance to Financial Edge (FE) which group gifts together.  Other transaction batches in our Financial System include but are not limited to non-gifts receipts, journal entries (JE), transfers, accounts payable (i.e., disbursement requests), payroll entries, invetsment earnings and fees, and various other financial transactions.

Bequest

A gift of property by will. Because a will can be changed a bequest is not considered an unconditional promise to give and therefore notification of a bequest is not considered a gift. It is not until a will is probated that a gift can be recorded for the bequest.

Board of Directors

A body of appointed members who jointly oversee the activities of theFoundation. The board’s activities are determined by the powers, duties, and responsibilities conferred on it through the Foundation’s bylaws.

Board of Regents (BOR)

The Board of Directors for the University System of Maryland. Certain BOR policies and procedures may impact the operations of the USM Foundation.

Bylaws

Rules governing the operation of the Foundation including matters of governance such as election of directors, creation of committees, and conduct of meetings.

Our Vision

Our vision is to attract broad resources that transform the USM and its institutions, create a network of advocates to embrace the USM’s role as an educator and economic engine, and to grow a long-term, sustainable culture of philanthropy across the University System of Maryland.

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