As per the USM Foundation Spending Policy:
“...there should be no funds appropriated for expenditure from underwater funds except where the institution makes a specific request and that request is supported by an acceptable justification and documentation using the UPMIFA Guidelines, an attempt has been made to secure the donor’s consent to the expenditure, and the President of the institution benefiting from the fund requests the expenditure in writing. Requests shall be submitted first to the Spending Policy Committee, which will make a recommendation to the Executive Committee. The Executive Committee shall, in making its determination, include all documentation submitted in support of the request as an attachment to the minutes. In no event will funds be appropriated for expenditure from an underwater fund where the donor has expressed a contrary intent in the gift agreement or other relevant documents. “
To request spending on an underwater account complete the Underwater Spending Request Form and submit that with applicable documentation to the Director of Business Operations.