University of Oxford Development Trust Fund ('OUDT')
(1) The University launched its fundraising ‘Campaign for Oxford’ in October 1988. It decided in 1989 to establish a new trust, to be known as the ‘Campaign for Oxford Trust’; so as to able to receive donations for the benefit both of itself and of the colleges.
(2) The University also wanted to reassure prospective donors that gifts not earmarked for specific purposes would not be ‘lost sight of’ among the University’s general revenues but would be credited to the new separate trust.
(3) In 1995, after the Campaign ended, Council agreed that the Fund should continue, but under another name. It was therefore agreed to change the name to the ‘University of Oxford Development Trust Fund’ by means of a supplemental deed, which was effected in March 1995.
(4) In 2010 Council resolved to update the original trust deed in the light of legislative changes over the preceding twenty years, and to add some new features, including those summarised in paragraphs (8) and (9) below. The revised and restated Trust Deed was executed on 7 December 2010.
(5) The University remains the sole Trustee of OUDT. It has delegated the management of investments to the Investment Committee; and its other delegable functions to the Trusts Management Board.
(6) The objects of OUDT continue unchanged – “to procure, assist and secure the advancement of education, learning, teaching, scholarship and research at or in connection with the University and its Colleges and other Societies insofar as the same are charitable”: Note that this does not include religious or heritage objects; and any gifts of that kind to Colleges should not be routed through OUDT. Note also that although “College” is so defined as to include the Permanent Private Halls, OUDT does not cover the Recognised Independent Centres, the University Church, Rhodes House or Maison Française.
(7) The funds of OUDT continue to be expendable endowment, unless the terms of a particular donation specify otherwise.
(8) Within OUDT there are a number of “broad purpose funds”, the current ones being:-
- the Vice-Chancellor’s (General) Fund;
- the Oxford Teaching Fund;
- the Oxford Undergraduate Scholarship Fund;
- the Oxford Graduate Scholarship Fund;
- the Widening Access and Participation Fund;
- the Sports Fund;
- the Humanities Divisional Fund;
- the Mathematical, Physical & Life Sciences Fund;
- the Medical Sciences Divisional Fund;
- the Social Sciences Divisional Fund;
- the Department for Continuing Education Fund;
- the Bodleian Fund;
- the Ashmolean Fund;
- a Fund for the other University Collections; and
- a Fund for each College.
The context in which these operate, and the manner in which the Development Office uses them in the solicitation of benefactions, can be seen from the Memorandum for Intending Benefactors. The Trusts Management Board is responsible for the oversight of each of these funds, and for the allocation of investment income to each fund in the appropriate proportions.
(9) Unrestricted gifts are credited to the Vice-Chancellor’s Fund (which is itself one of the broad purpose funds).
(10) On occasion, OUDT also acts as the conduit for donations intended for other University or College trusts.