Foundation funds may NOT be transferred to student-funded (Entity 80) Student Organization accounts. If an Ohio University department wants to use a Foundation discretionary account to support a student organization, the following process should be followed:
- Use the Journal Entry Template (for JET application) with the Transfer-Funding/Investment Journal Category
- Use transfer code 620100 “Funding Transfer – Across Units” on both sides of the JE, since funds are being allocated from a University planning unit to a Student Organization.
- Debit the Foundation discretionary account that’s providing the funds. For example, 50-421xxx-xxxxxx-0000-00-620100 or 50-431xxx-xxxxxx-0000-00-620100.
- Credit the appropriate ORG segment for the Student Organization that is receiving the funds, but otherwise use the same account used for the Debit side of the journal entry. For example, 50-42xxxx-79xxxx-0000-00-620100 or 50-43xxxx-79xxxx-0000-00-620100.
Following is an example of a populated journal entry template
This process provides visibility that allows student organizations to receive and use funding within their own ORGs, but also maintains visibility into how donor gift funds were spent directly from the original gift source that provided the funds.
Note: All Student Organization expenditures against Foundation gift accounts must be allowable under the Foundation expenditures policy and within the parameters of the gift account that provided the funding.
However, if you are correcting an expense, or charging a Foundation account for goods or services that were provided, a Journal Entry Template (for JET application) would be used.