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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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.
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.
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.
In the New Process
All requests for disbursement, besides alcohol, should be submitted to the KSU’s Accounts Payable Department for payment consideration.
KSU will continue operating under all of its existing policies and procedures related to the disbursement function.
Check Requests which are submitted to KSU must be complete and will be evaluated in accordance with existing KSU policies including any applicable accounting requirements.
The KSU Check Request form now includes an area which indicates AP should forward the Check Request to the Foundation in the event of nonpayment.
In the New Process
(Who for ?)
Example: College of Business
(What for ?)
Allowable items not meeting KSU disbursement policies.
Foundation may pay even if KSU won’t.
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).
A Funding Request may be submitted to the Foundation for three purposes.