APS 4017 - Direct Spending from a Foundation on behalf of the University

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Policy Profile

Policy Title: Direct Spending from a Foundation on behalf of the University
APS Number: 4017
Effective: September 1, 2005
Approved by: President Bruce D. Benson
Responsible University Officer: Office of University Controller
Responsible Office: Office of University Controller
Policy Contact: Office of University Controller
Supersedes: September 1, 2005
Last Reviewed/Updated: September 1, 2005
Applies to: University-wide, and all Foundation accounts held by a Foundation and designated for the benefit of the University of Colorado

Policy Snapshot

Brief Description:  This policy prohibits direct spending from any supporting foundation on behalf of the University. Further, expenditures from the supporting foundations should be made only to conduct the foundations' business.

Introduction

Prior to this policy, with specific permission from both the President of the University and the President of the University of Colorado Foundation, a university department was allowed to make a payment to a vendor directly from a CU Foundation account for goods and/or services to be used by the University in conducting University business.

This policy prohibits direct spending from any supporting foundation on behalf of the University.

Further, expenditures from the supporting foundations should be made only to conduct the foundations' business.

Definitions

Italicized terms used in this Administrative Policy Statement are defined in the Administrative Policy Statement Glossary.

Policy Statement

Direct spending on behalf of the University is when a University employee conducting official university business requests a supporting foundation to buy or pay for goods and/or services to be used by the university.

Spending from any supporting foundation directly to a vendor, employee or any other person, business or organization for goods or services on behalf of the University is prohibited.

Supporting foundations of the University are foundations identified as Supporting Organizations at Related Organizations.

Each fiscal year, the University Controller is required to verify that no direct spending by a supporting foundation has occurred and should timely file any required reports under state law (includes C.R.S. 24-75-104).

Anyone with questions about this policy should consult with the appropriate campus Controller, who will consult with the University Controller as appropriate.