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USF FoundationOffice of Business & Financial Services
BFS Overview
Policy & Procedure Training Presentation
BFS Overview & Training Topics
Banner Basics for Finance Cash Receipts/Deposits Overview Fund Management Overview Cash Disbursements - Refresher COMPASS
Foundation BFS Contacts
Michelle Cummings Banner Finance
Access
Phone: (813) 974-1826
Kathy Mammenga Deposits
Fund Management
Phone: (813) 974-1826
Bridgette Morrow Cash Disbursements
Phone: (813) 974-3019
USF Foundation Overview
Established under Florida Statute 1004.28 Direct Support Organizations (DSO)– 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
Bank – Accepts Money– Disburses Money
Generally with no questions asked
Misconception that causes frustration for our customers.
Role of the Foundation con’t
Foundation– Accepts Money
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
Foundation– Disburses Money
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
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
Banner Finance Module – Online real time access to detailed financial information for the funds you manage.
How to obtain Banner Finance access?– 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 TITLE OF FORM WHAT THIS FORM TELLS YOU
FGITBSR Trial Balance Summary Cash Balances
Pledge ReceivablesAccounts PayableFund Balance
FGIGLAC General Ledger Detail Detail Activity – Cash
Detail Activity – PledgesDetail Activity – Accounts
Payable
FGIBDST Budget Status Form Summary YTD – RevenuesSummary YTD – Expenses
FGITRND Detail Transaction Activity Detail Revenues by AccountDetail Expenses by AccountDetail Transfers by Account
Banner Basics for Finance
Transaction Types– 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.– Accounts Payable
INNI Invoice DNNI Check Paid CNNI Voided Check
– Automated Gift Processing entries 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
Types of Funds Accepted by the Foundation– What is a Gift?– What is an EBA?– Qualified Sponsorships
Making a Deposit to the Foundation – Internal Controls
Completing a Deposit Transmittal
Deposits Overview
Types of Funds Accepted – Gifts– 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?– ‘Quid pro quo’ – often referred to as a split gift
Deposits Overview
Types of Gifts Accepted by the Foundation Cash Checks Credit Cards Matching Gifts Grants that Qualify as Gifts – MOU Securities Gifts in Kind Real Property Planned Giving Instruments – i.e. trusts, etc. Pledges Qualified Sponsorships 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
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? – 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?
– Significant gift component– Donor cultivation
Deposits Overview
Examples of EBA’s accepted by Foundation– 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
Qualified Sponsorship Highlights– 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.
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
– 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 Transmittal1. Fund Number2. Fund Name3. 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 Transmittal8. 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 code10. Page total11. Name and phone number for initiator/date12. Name and campus mailpoint of Administrative officer/date13. 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
Things to Remember!– 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 FundPolicies and forms can be found on
COMPASS.
Contact Kathy Mammenga with [email protected]
Cash Disbursements - Refresher
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
Check request initiator’s responsibilities– 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
Financial Administrator’s Responsibilities– 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
Foundation Responsibilities - We have a responsibility to each department to process each request as timely as possible while adhering to established accounting principles.
Does the backup support the expense? Has the appropriate individual approved the
request? Is there money in the fund?
Cash Disbursements - Refresher
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.”
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
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
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
Interested in USF Foundation policy changes, training opportunities, or a tip that may help process your check request faster? Please subscribe to the USFFoundationUPDATES
ListServ at http://listserv.admin.usf.edu/listserv.wa.exe Follow
the link Access our most popular on-line listserv lists here and scroll down to
USFFoundationUPDATES.
USF FoundationOffice of Business & Financial
Services
Questions?
Customer Service Assessment Survey