Who is Foundation?The USF Foundation is a Direct Support Organization (DSO) and operates exclusively to receive, hold, invest, and administer donor contributions to make expenditures to or for the benefit of USF. They function as a separate entity on the USF campus and use their own financial system to operate.
Role of the Foundation?
- Reviews expenditures to ensure they support the foundation tax exempt purpose.
- Reviews payments for proper documentation as required by the IRS and Foundation policy.
- Reviews payments for payroll tax issues, nonresident alien issues, financial aid distribution, and other IRS issues.
- Reviews appropriateness of payments based on fund restrictions imposed by the donor.
- Issuance of 1099 Misc. Revenue Forms for Independent contractors, attorneys and rents.
Role of Initiators, Financial Administrators, and L3 signers?
- Makes sure the expense is allowable in accordance with IRS, USF and USF Foundation policies.
- Makes sure the expense is reasonable and supports the mission of USF and the purpose of the fund as designated by the donor.
- Make sure the expense is properly supported with original receipts and proper documentation.
- Each requests being submitted by the department MUST be signed by the L3 signer. Once signed, ALL check requests must be submitted to the Dean's Office (CPR 107) for review.
- Complete a monthly reconciliation which ensures each fund is reconciled in total, to include beginning and ending balances, and include all activities recorded in USF Foundation Banner/Cash reports. (See Foundation Reconciliation Spreadsheet)
- Submit summary reconciliation to Ross for review.
Role of Ross?
- Perform high-level review on all check requests submitted by departments.
- The L2/Budget Director MUST sign all check requests.
- Sends all requests to Foundation Business Office.
- Monitor department monthly reconciliations to ensure both the reconciler and reviewer have signed and dated the reconciliation.
- A clearly documented business purpose which supports the fund purpose,
- Original receipt(s) (if e-receipt, must include credit card statement),
- Flyer/invite for event,
- L3 signature on request
All check requests must be submitted to Foundation within 60 days of the expense. If the request is over 60 days a justification memo will need to be sent to the Provost Office for approval. These requests are not guaranteed to be paid.
Per-person expense for a business meal where an outside guest (a visiting dignitary,
scholar, or donor for instance) is present must not exceed $50.
Reimbursement for business meals where the attendees are all USF employees are limited to $20 per person AND a business agenda must be provided with your check request.
Per Florida statute…
Breakfast $6, Lunch $11, Dinner $19
Total for day $36
- To pay for TRAVEL of an outside guest or employee
- To pay On-Line Vendors that DO NOT direct bill or accept checks
- Parking Expenses on campus for employees
- Employee Birthday Celebrations
- Contributions to Other Non-Profit or Charitable Organizations
- Exception to this guideline:
- Tickets for Community Events
- Contributions in Lieu of Flowers
- Political Contributions and Advocacy
- Scholarships to Non-USF students