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Note: Effective July 1, 2006, this policy has been revised. Individual changes appear in red. For the most current version without redlining, see V-3.
3.1 DEPOSIT OF GIFT AND NON-GIFT FUNDS.
a. Funds in the form of checks made out to The University of Iowa or any of its colleges or departments, or made payable for University activities or to University employees for work undertaken in the course of their employment shall be deposited in University accounts, and may only be transferred to an allied organization where 1) documentation evidences an intent on the part of the signer of the check to make a payment to the allied organization; and 2) where such transfer is in accordance with the policies and practices of the allied organization. Gifts to the allied organization in the form of checks should be made payable directly to that organization or to its specific gift accounts (e.g., Hawkeye Horizons Fund). Creation of an allied organization non-gift fund account requires the approval of a dean's or vice president's office.
b. Faculty members and staff receiving honorariums for speaking or other academic activities may donate honorariums to a University allied organization, or to The University of Iowa subject to the understanding that the honorarium is income to the employee and its transfer to the University or allied organization is a charitable donation.
c. Funds from external sources which are intended to support sponsored research at The University of Iowa, and for which data, reports, or conclusions will be made available to the entity providing the funds or where reporting is required by the entity providing the funds, or where reporting is required by federal regulations, shall be forwarded to the Division of Sponsored Programs for its review and deposit determination.
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3.2 EXPENDITURE OF FUNDS ON DEPOSIT WITH UNIVERSITY ALLIED ORGANIZATIONS.
(Amended 9/98; 7/1/06)
b. Expenditures must be in accord with the purposes of the donor-restricted account, if applicable, and adhere to University policies.
c. In cases where the expenditure of funds directly from an allied organization's account is necessary, and is not in direct support of fundraising or donor prospect development, the payment authorization request must include the signature of both the individual who has expenditure control and either the provost or vice president responsible for that area of the University.
d. The only exceptions to these policies must be authorized in writing by the Senior Vice President and Treasurer.
a. General policy. Funds in allied organizations intended for support of the University shall be transferred to the University for expenditure rather than be expended directly from the allied organization. Expenditures on behalf of the University involving equipment, building construction or renewal, or as compensation for a University employee must be transferred to a University account where they will be subject to the Board of Regents' and the University's policies.
In cases where the expenditure of funds directly from an allied organization's account is necessary, and where that payment involves reimbursement to the individual who has expenditure control, or where the payment has the potential for private inurement, or exceeds $1,000, the payment authorization request must include the signature of both the individual who has expenditure control and the appropriate Univeristy of Iowa dean or vice president responsible for that area of University activity.
The expenditure of funds in a restricted account must fall clearly within the limits of the restriction regardless of whether the funds are expended from a University or allied organization account.
The only exceptions to these policies must be authorized in writing by the Senior Vice President for Finance and Operations.
b. Guidelines. In order to establish consistency and greater understanding between The University of Iowa and The University of Iowa Foundation (UIF) regarding the expenditure of funds, several procedures need to be clarified and made consistent with the University of Iowa Policy on Deposits and Expenditures of Funds in Affiliated Organizations.
To the maximum extent feasible, all support provided through gifts to the UIF are to be expended in accord with the purposes of the donor-restricted account, and follow applicable expenditure policies of the University.
Where the funds held are to be expended for the purpose of fund raising, such expenditures may be made through the UIF and in accordance with UIF guidelines. Such guidelines are established in accordance with IRS rules and regulations.
Where funds are to be expended for University purposes, the following guidelines are to be observed:
(b) Capital equipment for a University program. All such equipment is required to be purchased according to University and Board of Regents' procurement policies and recorded on University inventory (labeled by the University).
(c) University building and facilities construction and renovation projects.
(d) Services related to University programs that must follow explicit state, Regents, and University procurement policies.
(b) In those cases where the direct expenditure is requested by and paid to a DEO, dean, or vice president, it must also have the approving authority (signature) of the administrator to whom that individual reports. This procedure is applicable for all University of Iowa disbursements as well as disbursements to other University affiliated organizations.
(c) Funds may not be used for gifts that personally benefit or are for the personal use of individuals, except as part of formally established awards or support programs of the University, or in conjunction with University Relations activities or to acknowledge special guests of the University.
(d) In order to open a new account, the written approval of the University employee's dean or vice president must accompany the necessary UIF documents.
(e) The fund-authorizing representatives will be expected to provide documentation of a level similar to the which would be required for a payment request through regular University channels (i.e., detailed accounting of actual expenditures, original invoices and receipts, and listing of individuals attending dinner meetings).
(f) Funds from external sources which are intended to support research at The University of Iowa and for which data, reports, or conclusions will be made available to the entity providing the funds shall be forwarded to the Division of Sponsored Programs for review and deposit determination.