Financial Services

Financial Services

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Endowment Fund Income Recapitalization

What is a recapitalization?

To recapitalize funds in an endowment fund is to take excess endowment fund income (surplus from the current year or prior year carry forward) and transfer that balance to the capital account. This means that the funds will be reinvested in the endowment fund for perpetuity and cannot be spent. The capitalized amount will purchase Pooled Endowment Fund units and investment income will be earned on these units each year.


The opportunity to recapitalize is offered once per year. Financial Services requires time to review and process the recapitalization requests and transfer the funds to the Pooled Endowment Fund before the fiscal year ends.

For Fiscal 2022, Financial Services will start accepting requests March 3rd, 2022 and the deadline for submissions is March 31st, 2022. Units will be calculated based on the March 2022 PEF unit value.

Submission of Requests

If you wish to recapitalize unspent endowment income, please submit your request to

To process your request we require:

  • the fund, department, and program for which the recapitalization is to be completed
  • the amount of excess income within the fund you wish to recapitalize
  • confirmation that the amount requested is not greater than total excess available within the fund
  • if the request relates to an internal endowment (fund begins with a 6), please ensure a Request to Transfer Funds to Endowment Capital form is included as it will require Provost approval

The person with signing authority over the endowment fund should have approved the recapitalization request and be copied on the email.


Phone: 613-533-2050