Transcript USF Foundation Office of Business & Financial Services BFS Overview

USF Foundation
Office of Business & Financial
Services
BFS Overview
Policy & Procedure
Training Presentation
BFS Overview & Training Topics
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Banner Basics for Finance
Cash Receipts/Deposits Overview
Fund Management Overview
Cash Disbursements - Refresher
COMPASS
Foundation BFS Contacts
Michelle Cummings
Banner Finance
Access
[email protected]
Phone: (813) 974-1826
Kathy Mammenga
Deposits
[email protected].
Fund Management edu
Phone: (813) 974-1826
Bridgette Morrow
Cash
Disbursements
[email protected]
Phone: (813) 974-3019
USF Foundation Overview
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Established under Florida Statute 1004.28
Direct Support Organizations (DSO)
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Organized and operated exclusively to receive,
hold, invest, and administer property and to make
expenditures to or for the benefit of a state
university in Florida
501(c)3 – Tax Exempt Non-profit Status
509(a)1 – Public Charity Status
Role of the Foundation
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Bank
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Accepts Money
Disburses Money
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Generally with no questions asked
Misconception that causes frustration for our
customers.
Role of the Foundation con’t
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Foundation
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Accepts Money
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Reviews deposit for proper endorsement and supporting
documentation.
Reviews gift vs. revenue classification in accordance
with IRS regulations & Foundation policy
Monitors for Unrelated Business Income (UBI)
Issues official tax receipts and other IRS tax deduction
forms for non-cash gifts
Remits sales tax collected from revenue generating
activity as necessary.
Role of the Foundation con’t
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Foundation
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Disburses Money
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Reviews payments for payroll tax issues, nonresident
alien issues, financial aid distribution, and other IRS
issues.
Reviews payments for proper documentation as
required by the IRS and Foundation policy
Reviews appropriateness of payments based on fund
restrictions imposed by the donor.
Issue 1099 Misc. Revenue Forms
Foundation Accountability
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IRS Examination – AGENTS will be here in March 2006
Annual Financial Statement Audit as required by Florida
Statutes
Financial Statement Certification by the CEO, CFO and
Director as required by the Board of Trustees
Quarterly Financial & Budget Reporting to the University
Board.
Filing of federal & state tax returns
Stewardship Reports to donors on quarterly and annual
basis.
Internal audit function
Banner Basics for Finance
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Banner Finance Module – Online real time access to
detailed financial information for the funds you
manage.
How to obtain Banner Finance access?
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Banner Access Policy and Authorization Forms are
available on COMPASS.
Submit signed forms to Chris Montanari in Central Records
Obtain approval from authorized signer on funds for specific
fund access and submit approved listing to BFS to grant
access.
Banner Basics for Finance
FORM
FGITBSR
FGIGLAC
FGIBDST
FGITRND
TITLE OF FORM
WHAT THIS FORM TELLS YOU
Trial Balance Summary
Cash Balances
Pledge Receivables
Accounts Payable
Fund Balance
General Ledger Detail
Detail Activity – Cash
Detail Activity – Pledges
Detail Activity – Accounts Payable
Budget Status Form
Summary YTD – Revenues
Summary YTD – Expenses
Detail Transaction Activity Detail Revenues by Account
Detail Expenses by Account
Detail Transfers by Account
Banner Basics for Finance
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Transaction Types
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BFS Manual Entries
 JE15 Quarter End or Year End accrual entries
 JE16 Interfund Transfers
 N001 Cash Dividends
 CR05 fundraising revenue, expense reimbursements, deposit corrections,
credit card fees, etc.
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Accounts Payable
 INNI Invoice
 DNNI Check Paid
 CNNI Voided Check
Automated Gift Processing entries
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FCSH Cash Gift
FGIK Gift in Kind
FSTK Stock gift
FCPP Pledge Payment
FJAF Annual Fund Investment Fee
FXXX Other gift processing entries
Banner Basics for Finance
Questions?
Deposits Overview
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Types of Funds Accepted by the Foundation
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What is a Gift?
What is an EBA?
Qualified Sponsorships
Making a Deposit to the Foundation –
Internal Controls
Completing a Deposit Transmittal
Deposits Overview
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Types of Funds Accepted – Gifts
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What is a Gift?
As defined by the IRS the donor must
relinquish control of the item in order for it
to be classified as a gift. Gifts are voluntary
and irrevocable and there is no direct benefit
to the donor.
What is donor receives something in return?
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‘Quid pro quo’ – often referred to as a split gift
Deposits Overview
Types of Gifts Accepted by the Foundation
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Cash
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Checks
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Credit Cards
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Matching Gifts
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Grants that Qualify as Gifts – MOU
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Securities
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Gifts in Kind
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Real Property
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Planned Giving Instruments – i.e. trusts, etc.
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Pledges
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Qualified Sponsorships
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State of Florida Matching Gifts
Deposits Overview
Types of Funds Accepted – Revenue
 Dividends
 Interest
 Royalties if Foundation is royalty holder
 Honorariums that qualify as donations
 Fundraising Revenue – require an
approved EBA
Deposits Overview
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What is an EBA? Educational Business Activity
(EBA) is a revenue generating activity that is
conducted through a USF account.
When is an EBA form required?
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If there is a charge for the event an EBA form should be
completed.
Annual Activities – resubmit EBA to Foundation each year
What types of EBA activities should be run through
the Foundation?
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Significant gift component
Donor cultivation
Deposits Overview
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Examples of EBA’s accepted by
Foundation
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Dinner, receptions, etc.
Auctions – may need to collect sales tax
Raffles (Drawings of Chance) – must follow
certain guidelines
Banquets
Golf events & similar ‘friend’ raising activities
Deposits Overview
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Qualified Sponsorship Highlights
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In return for their sponsorship, the sponsor will
receive no substantial benefit, other than the use
or acknowledgement of the sponsor’s name or
logo in connection with the sponsored activity.
In order to be considered insubstantial, the value
of the benefits received by the sponsor must not
exceed 2% of the sponsorship payment.
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When total benefits exceed 2% of sponsorship payment
UBI may be generated.
Contact Michelle Cummings with questions
Deposits Overview
Making Deposits – Internal Controls
 As received, deposits should be sent to BFS with a
completed deposit transmittal.
 If receipts can not be delivered on the same day –
maintain deposits in a safe!
 For checks, a restrictive endorsement FOR
DEPOSIT ONLY USF FOUNDATION should be
made on the back of the check.
 Deposits should be hand-carried to the Foundation
and Cash should NEVER be delivered through
campus mail!
Deposits Overview
Making Deposits – Internal Controls
 Endorsement Policy
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Proper payee is USF Foundation not USF,
Department Name or Fund Name
If check is over $1,000 and is not payable to USF
Foundation special endorsements may apply.
See Foundation Endorsement Policy
Deposits Overview
Completing a Deposit Transmittal
1. Fund Number
2. Fund Name
3. Activity – List the name of the activity if there is an
EBA.
4. Information from Check.
5. Donor information if different from check.
6. Banner ID, if known otherwise leave blank.
7. Amount of Deposit
Deposits Overview
Completing a Deposit Transmittal
8. Type – Gift, Pledge payment or Revenue. If split between gift
and revenue, must itemize each amount. If it is an expense
reimbursement, include the USF Foundation check number
being reimbursed. Only one type of deposit per form (gift,
revenue, split gift and revenue)
9. Activity Code – If there is an EBA, record the activity code
10. Page total
11. Name and phone number for initiator/date
12. Name and campus mailpoint of Administrative officer/date
13. Signature of Development Officer/date – Development Officer
signature is not a requirement however, please forward a copy
of the Deposit Transmittal to the Development Officer if they do
not sign the transmittal.
Deposits Overview
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Things to Remember!
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Include all original backup information – check stub,
correspondence, envelope, etc.
Paper clip, not staple, checks and backup information to the
transmittal.
Checks are to be endorsed before they are submitted.
Endorsement stamps are available.
Record the same information for credit card transactions.
Must include the authorization number and the date the
transaction was called in. Transactions called in on the
same day can be recorded on one form.
Deposits Overview
Questions?
Fund Management Overview
Establishing a Fund
 Make changes to an existing fund
 Close a Fund
Policies and forms can be found on
COMPASS.
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Contact Kathy Mammenga with questions.
[email protected]
Cash Disbursements - Refresher
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Financial Administrator and Check Request
Initiator Responsibilities
Completion of Check Request and Proper
Supporting Documentation
Common Issues or exceptions that will hold
up your check request
What to do if something goes wrong?
Cash Disbursements - Refresher
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Check request initiator’s responsibilities
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Know which form to use and how to complete
them.
Know who can sign on your fund and for how
much.
Know your fund’s cash balance.
Insure that check request has been reviewed by
the appropriate Financial Administrator
Obtain signature approval at the appropriate level
Cash Disbursements - Refresher
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Financial Administrator’s Responsibilities
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Know the restrictions on your fund and review each
transaction processed against the fund to insure it is
allowable.
Be familiar with Foundation expenditure policies and know
where to go with questions.
Review monthly reports and reconcile your fund on a regular
basis.
Provide guidance to your department faculty and staff on
the allowable use of their fund.
Act as the liaison between the Foundation, your dean’s office
and your department.
Cash Disbursements - Refresher
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Foundation Responsibilities - We have a
responsibility to each department to process
each request as timely as possible while
adhering to established accounting principles.
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Does the backup support the expense?
Has the appropriate individual approved the request?
Is there money in the fund?
Cash Disbursements - Refresher
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Make sure to submit check request on appropriate
form:
USF Foundation, Inc. Check Request and Transfer Form
– USF Foundation, Inc. Travel Reimbursement Request Form
– travel reimbursements must be on this form because of
the statement the traveler signs.
“I hereby certify that the above expenses were actually
incurred by me as necessary traveling expenses in the
performance of my official duties; that attendance at
conferences or conventions is directly related to the official
duties of the agency; that any meals or lodging included in a
conference or convention registration fee have been
deducted from this travel claim; and that this claim is true
and correct in every material matter.”
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Cash Disbursements - Refresher
Proper Supporting Documentation
 Tape receipts onto 8 ½ by 11 inch paper
 Document each meal with number of attendees and
their relationship to USF
 In most cases, submit only the original check
request and receipts. If something MUST be mailed
to the vendor with the check, submit the originals
and one copy
 Staple all support to the original check request,
including copies
Cash Disbursements - Refresher
Proper Supporting Documentation
 Include the business purpose and benefit to USF of
every expenditure
 For reimbursement for e-tickets, provide a boarding
pass and proof of payment
 For reimbursement for web purchases, provide a
web receipt and packing slip for tangible items.
Provide a web receipt and proof of payment for
services.
Cash Disbursements - Refresher
Common Issues or Exceptions that will delay
your check request:
 Missing Independent Contractor Agreement
 Missing or unauthorized signer
 No supporting documentation or
documentation is unclear
 Form is incomplete or improperly completed
Cash Disbursements - Refresher
Common Issues or Exceptions that will delay your
check request:
 Expense is prohibited or exceeds limits set by IRS,
USF or Foundation policy
– USF Foundation Policy Committee
 Documentation does not explain how expense
benefits USF
 Missing social security number for payment to an
individual
 Missing chartfield string for payment to USF
 Request amount exceeds fund balance
Cash Disbursements - Refresher
What to do if something goes wrong Q: What happens if there’s a problem with my payment request?
A: An email will be sent to the initiator explaining the problem
and what needs to be done.
Q: I’ve tried these suggestions, waited 2 business days, and I still
don’t have an answer. What should I do?
A: Unresolved questions should be escalated up the following
chain: Bridgette Morrow, Michelle Cummings, John Scott.
Please allow at least two business days for resolution.
However, please determine proper protocol within your own
department.
Cash Disbursements – NEW POLICY
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Adopting GSA Travel Rates effective 1/1/06
Mileage Reimbursement Rate 44.5 cents
Maximum Meals & Lodging Reimbursement Rate will
be based on the GSA rate in that City
www.gsa.gov and click on Per Diem Rates
Please note we will still reimburse amount actually
incurred supported by an original receipt UP TO the
published GSA rate.
When using GSA rate please include print screen
from GSA sight to expedite processing.
Cash Disbursements - Refresher
QUESTIONS?
COMPASS
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COMPASS – Depository for Foundation revenue and
expenditure policies.
www.usf.edu/compass
Click Find Business Process
Narrow search for Foundation only policies by
selecting Foundation in Process Category.
Narrow search further by selecting a subcategory
such as ‘expenditures’ or ‘forms’. Search Function
has been improved.
Ability to email question regarding the policy directly
from the compass website to the process owner.
USFFoundationUPDATES ListServ
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training opportunities, or a tip that may help
process your check request faster? Please
subscribe to the USFFoundationUPDATES
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Services
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