| Policy Number: | 2.2005 |
| Title: | Payment from Michigan Tech Fund Gifts/Donations |
| Effective: | 09/20/2007 |
| Senate Proposal: | No |
| Responsible University Officer: | Chief Financial Officer |
| Responsible Office: | Accounting Services |
Payments for the following services, awards and financial aid will not be disbursed directly from the Michigan Tech Fund (MTF):
University fund custodians are to request funds from the MTF to be transferred to the University, and then follow normal payment procedures. Fund custodians are to keep documentation on payments from gifts or donations, for seven (7) years from the date of expenditure.
Documentation relating to the intent of the donor for the gift or donation resides at the MTF. 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.
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.
The Michigan Tech Fund will review our University policy and create a policy on this same issue, which mirrors the University's policy.
| Office/Unit Name | Telephone Number |
|---|---|
| Accounting Services | 906-487-2242 |
Michigan Tech Fund — Retains documentation relating to the intent of the donor for the life of the gift.
University Department Funds Custodian — Retains documentation on payment from gifts/donations.
In support of this policy, the following forms/instructions are included:
| Adoption Date: | 09/01/2006 | Approved by CFO and MTF Audit Committee. |
| Revised: | 09/20/2007 | In Policy Requirements, added fund custodians are to keep documentation seven years from date of expenditure. |
| 05/03/2012 | To reflect current University titles and practice, MTU is now Michigan Tech and the email address for questions is now hbwebmaster. |