Financial

USF Foundation

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 of all check requests submitted by departments.
  • The L2/Budget Director MUST sign all check requests.
  • Sends all requests to the Foundation Business Office.
  • Monitor department monthly reconciliations to ensure both the reconciler and reviewer have signed and dated the reconciliation.

FAQ's

What are the minimum requirements for submitting a check request?

  1. A clearly documented business purpose which supports the fund purpose,
  2. Original receipt(s) (if e-receipt, must include credit card statement),
  3. Flyer/invite for the event,
  4. L3 signature on the request

What is the timeline for submitting a check 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.

How much does Foundation reimburse for meals?

The 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.

What is the per diem rate?

Per Florida statute…
Breakfast $6, Lunch $11, Dinner $19
Total for the day $36

When can I use my P-Card and have those expenses reimbursed by the Foundation?

  1. To pay for TRAVEL of an outside guest or employee
  2. To pay On-Line Vendors that DO NOT direct bill or accept checks

What will foundation not pay for?

  • Parking Expenses on campus for employees
  • Employee Birthday Celebrations
  • Contributions to Other Non-Profit or Charitable Organizations
  • An exception to this guideline:
  • Tickets for Community Events
  • Contributions in Lieu of Flowers
  • Political Contributions and Advocacy
  • Scholarships to Non-USF students