PAYMENTS TO THE UNIVERSITY FOUNDATION
The university must follow certain criteria for any payments made to the University Foundation because the foundation is a separate entity.
Reason for Policy/Purpose
This policy is required for the effective communication of university policy regarding payments to the University Foundation.
Who Needs to Know This Policy
All members of The University of Southern Mississippi community.
Website Address for this Policy
The University Foundation is a separate legal and privately funded entity for which the university cannot transfer or issue funds made payable to unless there is an invoice for services
Once monies have been deposited into a university account (includes Designated,
Restricted, Auxiliary, Plant and General Fund accounts), these deposits are considered
state funds and can only be spent through the university for the purpose originally
intended. State law provides no authority for a donation or transfer of state funds to
another agency/entity such as the University Foundation. Furthermore, transferring
money from the university to the University Foundation violates Article 66 of the
Mississippi Constitution, which states that no law shall grant a donation in favor of a
person or object. All payments issued by Office of the Controller must be for properly
approved and documented expenses; therefore, a transfer of funds to the University
Foundation or another agency/entity would not provide sufficient documentation to
substantiate the use of the funds.
The Associate Vice President of Finance/Controller is responsible for the review of this policy every four years (or whenever circumstances require immediate review).
Amendments: Month, Day, Year – summary of changes
11/1/11: Formatted for Institutional Policies website
02/20/13: Formatted for template. Minor editing for punctuation and word usage throughout.