Foundation Frequently Asked Questions
1. How do I set up a new account?
Answer: To establish a new account in the Foundation, a minimum $1,000 contribution is required. Paperwork for the new account must be processed through and approved by the VP for University Advancement Office.
2. What is the minimum contribution needed to endow an account?
Answer: The minimum endowment level is currently $15,000.
3. Can I transfer money from/to a Foundation account from/to a University account? If so, what form do I use?
Answer: Private and public money can not be commingled. Therefore, transfers can not occur between Foundation and Ohio University accounts. You can, however, transfer expenses between Foundation and Ohio University accounts. This is done by preparing an Accounting Correction. Policy requires the correction to be done within 60 days of the posting of the expense to FMS.
4. What form do I use to transfer money between Foundation Accounts?
Answer: If you are correcting an expense, an accounting correction form would be used. If you are transferring money from one Foundation account to another, a billing authorization would be used.
5. I need to transfer money to/from a student organization to/from a Foundation account. What form do I use to do that?
Answer: Internal transfers can not be made to/from student organizations. A Direct Payment must be prepared so that a check can be cut.
6. Can I spend money out of the endowment side of my account?
Answer: Money can never be spent out of the endowed side of an account unless the donor has provided for an exception in the guidelines of the account.
7. What is the balance in my spending account?
Answer: The easiest way to look up the balance of an account is to use funds available. Please see our training module on the prior page to get assistance in using funds available.
8. My Foundation account currently has a negative balance. Can I roll the negative balance into the new fiscal year?
Answer: A Foundation account can not end the fiscal year with a negative balance. Please use the forms mentioned in question number 4 to transfer money into the account from another allowable Foundation account or by transferring expense to a different allowable account.
9. What is the market value of my endowment account?
Answer: The market value of an endowment account can be obtained by adding the balances in 160-9200, 160-9201, 130-5600, 130-5601, 100-4600 and 100-4601. The easiest way to see these balances is to query the FE project number only into funds available leaving all other fields blank.
10. What is the contributed value of my endowment account?
Answer: The contributed value of an endowment account can be obtained by adding the balances in 160-9200, 130-5600 and 100-4600.
11. How can I see the guidelines that have been established for my Foundation account?
Answer: Guidelines for a Foundation account can be obtained by clicking on the project number within funds available. (This functionality is not yet available. Projected completion date is July 31, 2008.)
12. I prepared a Direct Payment form but haven’t received the check yet. Can you tell me when it will be printed?
Answer: The Foundation no longer cuts checks. Direct Payments and checks are now processed through the Accounts Payable office. Contact the Foundation auditor at 593-9790 or the Accounts Payable Manager at 593-1874 for more information.
13. My college would like to organize a fund raiser and deposit the money into our Foundation account. Where do I begin?
Answer: All fundraisers must be approved annually and before it takes place. Approval is obtained from the Executive Director of the Development Office at 593-2639. All unapproved fundraisers will be deposited into a University account.
