Disbursement Process for Foundation Spendable Funds. The intent of this presentation is to further define the roles and processes for the disbursement of funds by Kent State University (KSU) and the Kent State University Foundation (Foundation). . Disbursement Functions KSU Foundation.
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Disbursement Process for Foundation Spendable Funds
The intent of this presentation is to further define the roles and processes for the disbursement of funds by Kent State University (KSU) and the Kent State University Foundation (Foundation).
This project is a partnership to simplify the disbursement functions for all participants in the process.
KSU makes disbursements in accordance with the policies in the
University Policy Register which have been approved by the Board of Trustees.
The Foundation provides funding in accordance with operating policies approved by its Board of Directors.
The Foundation provides private funding for the benefit of Kent State University.
Accounts Payable (AP)
In prior years, both organizations have operated accounts payable functions and made payments directly to payees.
KSU will become the primary accounts payable function for the university community.
The Foundation will not issue payments to payees other than KSU, with minor exceptions. The role of the Foundation will be to provide funding directly to a unit of KSU subject to the availability of donor funds.
The new process will be effective for all transactions submitted subsequent to the issuance of a transmittal memorandum.
Role of KSU
In the New Process
All requests for disbursement, besides alcohol, should be submitted to the KSU’s Accounts Payable Department for payment consideration.
Check Request Modification
The Forwarding Process
Role of the Foundation
In the New Process
(Who for ?)
Example: College of Business
Donor Restricted Fund
(What for ?)
Allowable items not meeting KSU disbursement policies.
Foundation may pay even if KSU won’t.
Outline of Section D. Items
The second method is a direct application to the Foundation using a Funding Request form.
The Foundation has historically made disbursements to both KSU and non-KSU payees using its own version of a check request form.
The Foundation is changing the name of its check request form to FUNDING REQUEST (Funding Request).
End of Presentation