The trust accounts are for funded programs at the hospital that are restricted to purposes other than hospital operations, capital projects or research. These could include the Mental Health Homeless Patient Fund, Education Initiatives, Patient Comfort Funds, etc. Funds can come from private donors, fundraisers, pharmaceuticals, etc.
If an activity is to be opened due to a new trust being in place, the signatories (SMH staff) would have to complete a form and sign it in order to authorize the setting up of an activity. The terms of reference and proof of funding must accompany the request to open a new trust account. Following approval from Manager, Research & Trust Finance the Research & Trust Accountant would setup the activity in the Activity subsystem.
Expenses are first incurred by the SMH employee or a vendor submits an invoice for payment. In both instances a payment requisition form is required to process payment.
Upon full utilization of the funds and/or the purpose of the Trust is no longer needed, the Trust Activity is closed. Excess funds are either returned to the donor or reallocated to another trust upon approval from the donor.