At the University, the establishment and administration of trusts involves:
- all faculties and certain non-academic departments;
- the Advancement Office;
- the Trusts Group (Governance & Compliance);
- the Legislation and Trusts Committee;
- the University Secretary’s Department;
- the Finance & Planning Group ;
- the Internal Audit Office; and
- the Vice-Chancellor
For each trust of which the University is the trustee, the relevant Faculty or the relevant non-academic Department:
- is responsible for expenditure from the trust for the purpose specified by the donor; and
- has appointed a trusts officer who is the first point of contact regarding the management and administration of the trust.
- liaise with donors;
- ensure that the income of each trust is spent for the purpose specified by the donor; and
- provide annual and ad hoc reports to the Trusts Group under the compliance reporting program.
Non-academic Departments responsible for some of the University's trusts include the Melbourne Scholarships, Murrup Barak - Melbourne Institute for Indigenous Development, Student Financial Aid, Melbourne University Sport, The Ian Potter Museum of Art, Melbourne Theatre Company and International House.
Staff in the Advancement Office with responsibility for trusts-related issues, including Alumni and Donor Relations, and Gifts and Bequests:
- liaise with donors who propose making a gift to the University;
- process gifts to the University and, where applicable, issue receipts permitting a donor to claim a tax deduction for that gift;
- manage ongoing alumni and donor relations; and
- prepare endowment reports for donors or, if a donor has died, for the donor’s relatives, reporting the expenditure from a trust.
The Trusts Group:
- oversees the establishment of trusts;
- under the supervision of the Special Counsel, provides legal advice within the University in relation to new and existing trusts;
- liaises with Advancement staff at the University regarding proposed inter vivos gifts to the University;
- liaises with donors and their solicitors regarding proposed bequests to the University (including the wording of Will clauses);
- liaises with executors and their solicitors regarding bequests to the University; and
- manages the University-wide compliance reporting program for trusts.
The Special Counsel is responsible for certifying University trust records on behalf of the University.
With respect to trusts, this committee:
- provides advice to the Special Counsel in relation to new University trust records and amendments to existing University trust records (as required) prior to certification;
- subject to the oversight and responsibilities of the Vice-Chancellor with respect to trusts, oversees and monitors, and advises the University Council on, all matters concerning the administration and performance of trusts and other funds involving fiduciary obligations as reflected in University University trust records; and
- considers and reports to the University Council on such other matters relating to University legislation, trusts and endowments as the University Council or the Vice-Chancellor may from time-to-time refer to it.
- provides executive support for the Legislation and Trusts Committee and other committees associated with the administration of trusts at the University;
- oversees student award approval processes; and
- records and publishes amendments to University trust records governing trusts.
The Management Accountant (Trusts), and Budget and Investment Officers:
- establish a separate ledger for each trust within the University’s finance system;
- arrange the investment of trust capital;
- provide to staff at the University reports regarding trust capital, net annual income and investment performance; and
- assist the Trusts Group with the administration of the annual compliance program.
Within the University the Internal Audit Office provides an independent appraisal of the internal controls, and assessments of the University's operations and activities, including the management and administration of trusts.
The Vice-Chancellor is responsible for the proper administration and performance of all trusts and other funds involving fiduciary obligations as reflected in University University trust records, including certifying to the Council of the University annually whether or not, in his opinion, these obligations are being performed in accordance with the law and in proper fulfilment of their terms.