• Capital expenditures – equipment and renovation costs in excess of $5000
• Payments of stipends to College employees
• Awards and financial aid to applied directly to student accounts

REVISED PROCEDURES:

1. All departments will now directly process requisitions against their Foundation cost centers in BiTech via the POUPPR screen – exactly as you do now against College unrestricted and restricted cost centers, except you should use the PRZFDN seed to create a Z voucher.

2. You will then print a Foundation Voucher Authorization (rather than a Purchase Requisition Authorization), which should be approved as indicated. Approval requirements and guidelines regarding amounts are the same for Foundation accounts as they are for College accounts. Under no circumstances may an employee approve his/her expenses; nor may an employee approve a supervisor’s expenses.

3. You should then send the completed Foundation Voucher Authorization and all required back-up (invoices, expense report forms, etc.) to the Foundation office (C-204).

4. The Foundation staff will review the submitted Authorization form and paperwork for appropriateness and available funding. If approved, the Authorization must be signed by either the Foundation’s Director of Operations or Executive Director and forwarded to the College Accounting Office.

5. The Accounting Office staff will review and approve all requisitions as indicated, and Accounts Payable will issue a check against the Foundation’s bank account.

REPORTING:

In order to facilitate these new procedures, a new BiTech CDD report is available which will enable you to view all cost centers in both the College and EFFI for any department: Total Department Activity Summary Report. The report is in the User Reports, Manager Reports and Educational Foundation Reports CDD folders.

A sample report (using the Accounting Office) will look like this:

If you believe that a College or EFFI cost center “belonging” to your department is missing from the report, please contact either John-Harvard Reid in the Foundation Office (7-8656) or myself (7-7231).

You should note that for endowed EFFI accounts, the report displays only the spendable income earned by the endowed account, set at 5% of principal. For questions regarding endowment principal or earnings, please contact John-Harvard Reid or myself.

EXCEPTIONS AND SPECIAL HANDLING:

Please note the following exceptions to the above guidelines:

• Capital equipment and construction (more than $5,000) and computer equipment, which must be processed through the College’s Purchasing Office. PURCHASING EQUIPMENT WITH FOUNDATION FUNDS
• Payments to College employees, which must be processed through the College’s Payroll Office. PAYING COLLEGE EMPLOYEES WITH FOUNDATION FUNDS
• Payments of awards and scholarships to students, which must be processed through the Bursar’s Office and applied directly to the student’s account. PROCESSING FOUNDATION STUDENT AWARDS AND SCHOLARSHIPS

In each of these cases, the expense is initially charged to a College restricted cost center, which is then reimbursed by the Foundation. You should contact either Al Place (7-8022) or myself (7-7231) in the Accounting Office, or John-Harvard Reid in the Foundation Office (7-8656) for additional information about processing any of these types of payments.