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Advised Funds

I. General Oversight of Funds

  • Contributions are given to the Hitchcock Foundation for the support of research and/or education at the Dartmouth-Hitchcock Medical Center. The disposition of all funds is governed by the Hitchcock Foundation Board of Trustees. Funds shall be used to further the research and educational interests of Dartmouth-Hitchcock Medical Center.
  • An Advised Fund is a fund that is established by the Executive Director of the Foundation under the authority of the Board of Trustees for research or educational purposes not governed by a protocol or sponsor agreement. Funds may be designated by donors for specific purposes or may be undesignated. When an Advised Fund is established, the Foundation will appoint a fund advisor to advise the Foundation on expenditures from the fund.
  • All expenditures shall be for research and/or education and shall be subject to approval by the Foundation. A fund advisor may seek the prior approval of the Foundation for any expenditures or any financial obligation.
  • Requests for dispersal of Advised Funds must come from each fund's advisor or that advisor's designee. Supporting information for the request is required.

II. Financial Considerations

  • New Advised Funds must have an initial balance of at least $250.
  • In the case of gifts of $1,000 or more, a letter from the donor will be requested describing any stipulations under which the contribution is to be used. When, in the opinion of the Foundation, the stipulations fall within the purposes of the Foundation, the donation will be deposited into an existing fund or a fund will be established for the specified activity.
  • A minimum balance of $250 must be maintained in a Advised Fund. If the balance of a fund falls below $250, the fund's advisor will be notified. If the fund remains below $250 for more than 6 months, the fund will be closed and the balance transferred to an existing fund whose purposes in the opinion of the Foundation and in consultation with the fund's advisor most nearly approximates the purposes of the fund.
  • Fund advisors will be responsible for any expenditures that exceed the balance of the fund account.

III. Special Types of Expenditures

  • Funds may be used for travel to activities of scientific and educational merit.
  • The title to equipment purchased with funds from a Hitchcock Foundation Advised account shall be vested in the department of which the fund advisor is a member.

IV. Change in Status of Fund Advisor

  • Generally speaking, Advised Funds are for research and educational purposes at the Dartmouth Hitchcock Medical Center, and policy states that funds shall remain at the Hitchcock Foundation. In some instances, the Hitchcock Foundation will allow the transfer of Advised funds to another institution that, in the opinion of the Foundation, is qualified to accept funds and agrees to manage the funds under the same restrictions as the Hitchcock Foundation. Two examples: (1) unrestricted grants for specific research for which a researcher is uniquely qualified; (2) honoraria. Please note, the above are not instances that necessarily satisfy the exceptions. Each instance will be addressed individually by the Foundation in consultation with the fund advisor, taking into consideration the source and purpose of the funds.
  • In the event a fund advisor retires or otherwise leaves DHMC without advising the Foundation as to the disposition of a fund for which he/she is an advisor, the fund will be closed and the balance transferred to a fund whose purposes, in the opinion of the Foundation and in consultation with the department chair, most nearly approximates the purposes of the original fund.
  • If a fund advisor retires at Dartmouth-Hitchcock Medical institutions or Dartmouth College and wishes to continue to use Foundation funds for research or educational activity at those institutions, he/she may do so if:
    1. The Foundation determines that the activity satisfies Foundation guidelines;
    2. He/she has a letter of commitment from his/her department chair or director supporting the proposed activity, e.g. any required institutional support, access to facilities, etc.
  • Fund advisors transferring to another institution are governed by the provisions in IV.A. above.
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