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Foundation FAQ

  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 $25,000.

  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 cannot be commingled. Therefore, transfers cannot occur between Foundation and University accounts. You may, however, transfer expenses between Foundation and Ohio University accounts. This is done by preparing an Accounting Correction Form. 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 charging a Foundation account for goods or services that were provided, 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 cannot be made to/from student organizations. A Direct Payment must be prepared so that a check can be processed.

  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: Spending account balances can be obtained by querying the account in Funds Available View. Enter the FN project number in the low and high project fields, leave the natural account fields at their default settings, and leave the remaining fields blank.

  8. My Foundation account currently has a negative balance. Can I roll the negative balance into the new fiscal year?
    Answer: A Foundation account cannot end the fiscal year with a negative balance. Please use an accounting correction form to transfer expense to a different allowable account. Policy requires the correction to be done within 60 days of the posting of the expense to FMS.

  9. What is the market value of my endowment account?
    Answer: Endowment account balances can be obtained by querying the account in Funds Available View.  Enter the FE project number in the low and high project fields, leave the natural account fields at their default settings, and leave the remaining fields blank.

  10. What is the contributed value of my endowment account?
    Answer: Endowment account contributed values can be obtained by querying the account in Funds Available View. Enter the FE project number in the low and high project fields, leave the natural account fields at their default settings, and leave the remaining fields blank. The contributed value of an endowment account is the sum of the balances in 160-9200, 160-9300, 160-5600 and 160-4600.

  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 View.

  12. 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, before the event occurs. Approval is obtained through submission of a Fund Raising Clearance Form, which is available at the following link: http://www.ohio.edu/finance/forms/financeforms.cfm