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Foundation Overview

WHAT IS THE USF FOUNDATION?

The USF Foundation is a private, not-for-profit corporation which functions as the primary fund raising entity for the University of South Florida. Generally, expenditure from USF Foundation funds must comply with the following guidelines:

Expenditure Guidelines –

  • Must comply with all Federal, State, University and Foundation regulations
  • Must support USF’s mission
  • Must adhere to the donors intent

TYPES OF USF FOUNDATION FUNDS

There are five different types of USF Foundation funds as follows:

Operating Funds –

  • Support a department so that it can conduct its normal daily operations or to fulfill a purpose stated by the donor
  • $1,000 minimum deposit for a departmental named fund
  • $5,000 minimum deposit for a donor named fund
  • Fund numbers begin with 25-0xxx and 25-1xxx

Endowment Funds –

  • Serve a purpose specified by the donor
  • $25,000 minimum deposit
  • Two fund numbers: Principal (25-6xxx) and Earnings (25-3xxx)
  • You can only spend out of the Earnings fund
  • Initial and subsequent donations are housed in the Principal fund and generate interest earnings
  • Interest earnings are distributed quarterly to the Earnings 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
  • $25,000 minimum deposit
  • Quasi designation is limited to one year
  • Two fund numbers: Principal (25-8xxx) and Operating (25-2xxx)

Endowed Chair Funds –

  • Has a Chairholder within the department that designates how the money will be spent
  • Established to support the scholarly work of the Chairholder
    - Salary support for the Chairholder and those individuals directly associated with the Chairholder’s scholarly work
    - Expenses directly related to the scholarly work of the Chairholder
  • $2 million minimum deposit (Exceptions can be made at USF’s discretion)
  • Two fund numbers: Principal (25-6xxx) and Earnings (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 budge
  • May be used to transfer money to a USF Convenience Account which is used to fund USF salaries that are directly associated with the Chairholder’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

SIGNATURE AUTHORITY

There are 3 levels of signature authority for Foundation funds as follows:

  • 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 2 (L2) Level 3 (L3) Signature authorization allows for the approval of expenditure transactions of $1,000 and less.

ACCESS AND OTHER INFORMATION

For additional information, please contact Danny Woolbright in the COM Business Office (974-3385).