Establishing a trust
A gift to the University must be only for an object of the University, as set out in section 5 of the University of Melbourne Act 2009 (Victoria).
A trust is established when the University accepts a gift upon terms specified by the donor; at that point the University's obligations as trustee commence.
In the case of a perpetual charitable trust where the donor specifies that only income is to be used for a specified purpose, the University will apply that income for the stated purpose once income is generated from the invested trust capital.
The University has an annual compliance process that reviews the application of income in each fund.