2.05—Payment from Michigan Tech Fund Gifts/Donations

Effective: 09/20/2007
Senate Proposal: No
Responsible University Officer: Chief Financial Officer
Responsible Office: Accounting Services

Policy Statement

Payments for the following services, awards and financial aid will not be disbursed directly from the Michigan Tech Fund (MTF):

  • Payments to individuals for services
  • Payments for employee awards.
  • Scholarship and award payments to students.

Policy Requirements

Fund custodians are to request funds from the MTF to be transferred to the University, and then follow normal payment procedures. The financial manager is responsible for ensuring that the funds are spent according to the donor's intent.

The Michigan Tech Fund will retain documentation relating to the intent of the donor for the gift or donation. If no documentation currently exists on the intent of the gift or donation, it should be requested from the donor and retained by the MTF. A copy of that documentation may be requested and retained by the University department recipient of those funds.

Reason for Policy

In order to maintain compliance with employment laws, IRS rules, NCAA rules on student athletes, and federal financial aid rules, the University needs to know about all payments to individuals for services, payments for employee awards and scholarship, and award payments to students.

Related Policy Information

The Michigan Tech Fund has its own policy regarding retention of gift records and disbursements.

Contacts

Office/Unit Name Telephone Number
Accounting Services 906-487-2242

Responsibilities

Michigan Tech Fund — Retains documentation relating to the intent of the donor for the life of the gift.

University Department Funds Custodian — Ensures funds are spent according to the donor's intent.


Adoption Date

09/01/2006 Approved by CFO and MTF Audit Committee.

Revisions

04/26/2017 Yearly Review—Changed "University fund custodians" to "Fund custodians". Changed "Fund custodians are to keep documentation on payments from gifts or donations, for seven years from the date of expenditure." to "The financial manager is responsible for ensuring that the funds are spent according to the donor's intent." Changed "Documentation relating to the intent of the donor for the gift or donation resides at the MTF." to "The Michigan Tech Fund will retain documentation relating to the intent of the donor for the gift or donation." Changed "The Michigan Tech Fund will review our University policy and create a policy on this same issue, which mirrors the University's policy." to "The Michigan Tech Fund has its own policy regarding retention of gift records and disbursements." Changed "University Department Funds Custodian — Retains documentation on payment from gifts/donations." to "University Department Funds Custodian — Ensures funds are spent according to the donor's intent."
04/10/2017 Transfer of policy page from HTML to CMS. Business and Finance numbers renamed from "2.2000" to "2. Business and Finance". Specifically from "2.2005—Payment from Michigan Tech Fund Gifts/Donations" to "2.05—Payment from Michigan Tech Fund Gifts/Donations".
05/03/2012 To reflect current University titles and practice, MTU is now Michigan Tech and the email address for questions is now hbwebmaster.
09/20/2007 In Policy Requirements, added fund custodians are to keep documentation seven years from date of expenditure.