Trusts at the University

Recording the terms of a charitable trust

 

Section 28 of the University of Melbourne Act 2009 (Victoria) provides that the Council of the University has the power to make and alter statutes with respect to any matter pertaining to the University, including with respect to endowments.

For each trust of which the University is the trustee, the University makes a trust record as a means of recording the trust terms and any administrative arrangements by which the University implements those trust terms.

University trust records relating to trusts are certified by the Special Counsel on behalf of the University, in consultation with the Legislation and Trusts Committee.

There are two types of University trust records relating to trusts:

UTR6 trust records

UTR6 trust records typically relate to trusts from which bursaries, scholarships and prizes are paid.

UTR7 trust records

UTR7 trust records typically relate to trusts that have been established to fund purposes other than bursaries, scholarships and prizes, for example purposes such as research, chairs, lectureships, and library materials.

The University trust records relating to the trusts of which the University is the trustee are published on the University’s website, becoming a public statement of the gift, the trust terms, and the administrative arrangements by which the trust terms are implemented by the University.

Trust terms

When making a gift that establishes a charitable trust at the University, the donor specifies the trust terms, including the purpose of the gift (eg scholarships).  These trust terms are described in the University trust record relating to that trust.
For example, a University trust record may state that the trust terms specified in a donor’s Will stipulated that the bequest was for the purpose of funding in perpetuity scholarships in the Faculty of Science.

Administrative arrangements

When making a gift that establishes a perpetual charitable trust at the University, the University puts in place administrative arrangements to implement the trust terms specified by the donor.  These administrative arrangements are described in the University trust record relating to that trust.
For example, where a donor’s Will stipulates that a bequest was for the purpose of funding in perpetuity scholarships in the Faculty of Science (trust terms), the University trust record may state that two scholarships are awarded annually for students studying Physics in the Faculty of Science, and the process to be followed in making such awards (administrative arrangements).

 

 

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