Chapter 17. Michigan Tech Fund

17.3. Payment Requests

The University is required to document all payments to individuals for services, payments for employee awards, and scholarship and award payments to students, to maintain compliance with employment laws, IRS rules, NCAA rules on student-athletes, and federal financial aid rules. Fund custodians should request funds from the Michigan Tech Fund to be transferred to the University and then follow normal payment procedures. Payments to individuals for services, awards, and financial aid should not be disbursed directly from the Michigan Tech Fund.

To request funds from the Tech Fund, do the following:

1. Complete a Michigan Tech Fund - Check Request, available by from the Michigan Tech Fund by calling 7-1930 or from the Web site <http://www.mtf.mtu.edu/resources/pages/forms.html>, with the following information:



1. Payee - the name and address to whom the check should be made out.



2. Date.



3. Amount - desired amount of the check.



4. Purpose - a brief description of the reason for the check request.



5. Fund Number - enter four digits and letters as necessary.




2. Have the fund manager or designee sign the request.


NOTE: The department head or higher (chair, dean, director, vice president, or president depending on the reporting level of the fund manager) is also required to sign the check request if it is equal to or greater than $5,000 but less than $25, 000. If the check request equals to or is greater than $25,000 but less than $100,000 or is a group of requests totaling $25,000 or greater, it also requires the signature of the senior vice president for advancement and marketing. If the requests equal to or are greater than $100,000, it also requires the presidents signature.


3. Send the completed and signed form to the Michigan Tech Fund finance department.



4. Once the check is received in the department, if the check is for the department, deposit the check into the department account, following the procedures from Chapter 2.7. Accounts Receivable.


If the check is intended for payment, follow the procedures in Chapter 2.6. Accounts Payable.

If the check is for an individual, deliver the check.