| Initiating body: | Advancement Services |
|---|---|
| Contact: | Advancement Services, 438-8107; Foundation Office, 438-2294 |
| Revised on: |
The Illinois State University Foundation, located in Rambo House is a nonprofit corporation, organized under the laws of the State of Illinois. The purpose of the Foundation is stated in the Illinois constitution (Article I, Section 4). Its objectives are to:
The Foundation administers these gifts to ensure that the intent and integrity of the donor is properly exercised.
Donations to the Foundation are deposited and held in accounts as the donors have designated. Monies received by the departments must be deposited at the Foundation Office using a Foundation deposit form. New accounts may be established on a case-by-case basis. Please prepare an account request form and send it to the Foundation Financial Coordinator, 8000 Advancement Services.
Expenses paid/reimbursed through the Foundation must be for the educational benefit of Illinois State University. There are two kinds of vouchers used by the Foundation, a regular Foundation voucher and a travel voucher. The travel voucher should be used when a staff member is requesting reimbursement for travel expenses. Vouchers are processed daily and checks are printed every Wednesday. The voucher must be in the Foundation Office by 1:00 p.m. on Tuesday for a check to be printed on Wednesday.
Original invoices and/or receipts must accompany the invoice voucher (instructions for completing invoice voucher). Disbursement will not be made from statements unless this is the only billing form received from the vendor. (Please note on the voucher if this is the case.)
Supporting documentation for reimbursements must include proof of payment, unless that is easily attainable from the receipts. Examples of documents that substantiate payment include a charge card slip or a copy of the front and back of the individual's cancelled check.
If any of the required receipts have been lost, a notarized affidavit may be submitted in lieu of the receipt. If receipts supporting travel expenses are lost and a notarized affidavit is not obtained, state travel regulations must then be followed (i.e., per diem, etc.).
Illinois state sales tax will not be paid (or reimbursed) by the Foundation.
When a department wishes to hire an individual to perform a special service and this individual’s compensation is paid with Foundation funds, the payment must be processed through the Payroll Department if this individual is already in the payroll system. This assures payroll tax withholding and proper reporting to the Internal Revenue Service (IRS). If Budget Officers (fiscal agents) do not process payments for services rendered through the Budget Office or Payroll, they will be responsible for maintaining records for issuance of 1099 (IRS) forms. If a Budget Officer (fiscal agent) enters into a contractual agreement, the appropriate contractual agreement form must be completed and filed in the Foundation Office.
The suggested procedure for purchasing equipment and commodity-type items should be handled through Illinois State University’s Purchasing Office. This assures that proper bidding procedure and handling of sales tax occurs.
Checks will not be written for amounts less than $10.00. Expenditures for less than this amount should be paid by the Budget Officer (fiscal agent) and will then be reimbursed collectively when the amount exceeds $10.00. Checks are written every Wednesday. Therefore, invoice vouchers must be received by 1:00 p.m. the previous day.
The auditors of the Foundation, as well as the Foundation's Constitution, require that all expenditures should be in the best interest of the University and higher education.
Budget Officers (fiscal agents) must take full responsibility for expenditures from their accounts. However, Foundation officers have the right to return vouchers when, in their judgment, additional information is needed.
Original invoices and/or receipts must accompany travel vouchers (instructions for completing travel voucher). Disbursement will not be made from statements. Supporting documentation for reimbursements must include proof of payment unless that is easily attainable from the receipts. Documents that substantiate payment include: a charge card slip or a copy of the front and back of the individual's cancelled check.
If any of the required receipts have been lost, a notarized affidavit may be submitted in lieu of the receipt. If receipts supporting travel expenses are lost and a notarized affidavit is not obtained, state travel regulations must then be followed (i.e., per diem, etc.).
In instances where the travel expenses are split between the Foundation and the University, a copy of the state travel voucher should be included with other supporting documentation. Illinois state sales tax will not be paid by the Foundation.
Checks will not be written for less than $10.00. The Budget Officer (fiscal agent) should pay expenditures that are less than $10.00. He or she will be reimbursed collectively when the amount exceeds $10.00. Checks are written every Wednesday, so travel vouchers must be received by 1:00 p.m. the previous day.
The auditors of the Foundation, as well as the Foundation's Constitution, require that all expenditures be in the best interest of the University and higher education.
Budget Officers (fiscal agents) must take full responsibility for expenditures from their accounts. However, Foundation officers have the right to return vouchers when, in their judgment, additional information is needed.
