Operating Procedures Manual
Section 2.7. Accounts Payable
2.7.9. Payment Requests Made to Michigan Tech Fund
The University is required to record all payments to individuals for services, payments for employee awards, and scholarship and award payments to students in order to maintain compliance with employment laws, IRS rules, NCAA rules on student athletes, and federal financial aid rules. The most efficient way for this to be accomplished is for fund custodians to request funds from the Michigan Tech Fund to be transferred to the University, and then follow normal payment procedures for all:
- payments for services,
- payments for employee awards, and
- scholarship and award payments to students.
Payments for the above services, awards, and financial aid should not be disbursed directly from the Michigan Tech Fund.
To request payments from the Michigan Tech Fund, to the following:
- Complete a Michigan Tech Fund Check Request form, available from the Michigan Tech Fund by calling 7-1972, and request the desired amount of funds to be transferred into the departmental account index. Refer to Chapter 17.2. Michigan Tech Fund Check Request for information on completing the request form
- Forward the form to the Tech Fund.
- Once funds are transferred to the departmental account index, follow the formal payment procedures, such as: