USF Foundation

  • WHAT IS THE USF FOUNDATION?

    The USF Foundation (http://giving.usf.edu/fnd_web/default.aspx) is a private, not-for-profit corporation which functions as the primary fund raising entity for the University of South Florida. Generally, expenditures from USF Foundation funds must comply with the following guidelines:

    • Must comply with all Federal, State, University, and Foundation regulations
    • Must support USF’s mission
    • Must adhere to the donors intent
  • ROLE OF THE MCOM BUSINESS OFFICE

    • Manages Foundation Endowed Chair budget process
    • Verifies funding for personnel actions
    • Reviews MCOM Foundation check requests to ensure compliance with all policies, procedures, and donor intent
    • Secures L1 signature for check requests as required
  • TYPES OF USF FOUNDATION FUNDS

    Operating Funds

    • Support a department so that it can conduct its normal daily operations or to fulfill a purpose stated by the donor
    • Fund numbers begin with 25-0xxx and 25-1xxx

    Endowment Funds

    • Serve a purpose specified by the donor
    • Two fund numbers assigned: Principal (25-6xxx) and Operating (25-3xxx)
    • You can only spend out of the Operating fund
    • Initial and subsequent donations are housed in the Principal fund and generate interest earnings
    • Interest earnings are distributed quarterly to the Operating fund enabling spending

    Quasi Funds

    • Hold large sums of donations until it is determined if an endowment will be established or if the donations will be used for spending
    • Quasi designation is limited to one year
    • Two fund numbers assigned: Principal (25-8xxx) and Operating (25-2xxx)

    Endowed Chair Funds

    • Has a Chair holder within the department that designates how the money will be spent
    • Established to support the scholarly work of the Chair holder
      • Salary support for the Chair holder and those individuals directly associated with the Chair holder’s scholarly work
      • Expenses directly related to the scholarly work of the Chair holder
    • Two fund numbers assigned: Principal (25-6xxx) and Operating (25-3xxx) fund
    • Interest earnings are distributed quarterly to the Earnings fund enabling spending
    • Require a yearly budget
    • Distributions of earnings are posted quarterly to the Earnings fund
    • Requires a yearly budget
    • May be used to transfer money to a USF Convenience Account which is used to fund USF salaries that are directly associated with the Chair holder’s scholarly work.

    Facility Funds

    • Fund new construction or major building renovations
    • Upon building completion, remaining funds may be used for facility maintenance in a renumbered Foundation operating fund
    • Two fund numbers assigned: Principal (25-9xxx) and Operating (25-5xxx)

    Additional fund types and information can be found at TYPES OF FUNDS

  • AUTHORIZED SIGNATURE AUTHORITY

    There are 3 levels of signature authority for Foundation funds:

    • Level 1 (L1) Signature authorization allows for the approval of expenditure transaction at any dollar amount and must approve any transaction above $5,000.
    • Level 2 (L2) Signature authorization allows for the approval of expenditure transactions of $5,000 and less.
    • Level 3 (L3) Signature authorization allows for the approval of expenditure transactions of $1,000 and less.

    Check requests from a MCOM Endowed Chair fund require the signature of the Department Chair and the signature of the fund Chair holder. This in addition to the above authorized signer. (MCOM policy)

    For additional information, please search the document “Fund Accountability and Signature Authority’ in the online business process library.

  • FOUNDATION FORMS

    Account Payables:

    Fund Forms:

    ·         Check/Transfer Request

    ·         Fund Data Form               

    ·         Domestic Travel Check Request

    ·         Fund Data Close Form

    ·         Foreign Travel Check Request

    ·         Fund Data Change Form

    Deposit Forms:

    ·         Fund Signer Form

    ·         Deposit Form

    ·         Fund Template Plan Form

    ·         Gift In Kind Workbook

    Reconciliation Form

    Educational Business Activity Form

    Scholarship Criteria Worksheet

  • FOUNDATION ACCESS, TRAINING MATERIALS, AND OTHER INFORMATION

For additional information, please contact the following members of the MCOM Business Office

Linda Carey - Fiscal & Business Specialist
Phone: (813) 974-7643
Email: licarey@health.usf.edu

Danny Woolbright – Fiscal & Business Analyst
Phone: (813) 974-3385
Email: dwoolbri@health.usf.edu