CNU Education Foundation Deposit & Disbursement Training

1. CNU Education Foundation Deposit & Disbursement Training K Spencer McDonald, CPA, Controller CNUEF LaMonte A Williams, Assistant Controller CNUEF

2. Foundation Disbursements • P&P begins p 96 at cnu.edu/foundations • Main Contact: Jennifer Vance • Always use University State funds when allowable • they could revert back to the Commonwealth at the end of the fiscal year; Foundation funds and University local funds are carried from year to year

3. Foundation Disbursements(cont’d) • Must have enough money to cover disbursement request • When requesting a disbursement • Complete a Disbursement Request • Best to request that Vendor send Invoice to the Foundation • Second Best to request check to be produced for exact amount to the Vendor and bring receipt back to Foundation • Foundation Credit Card is available when ordering through a web site and other special situations • You must work with a Foundation staff member at the Foundation Offices • Credit card numbers will NOT be given out

4. Foundation Disbursements (cont’d) • Travel • Use University Process when there is state money available • Complete Disbursement Request • Use State vehicle when possible; reimburse at $0.246 per mile for personal vehicle is used for your convenience. Mileage at current IRS rate ($0.555, July 2011) when no state vehicle available; we do not reimburse gas for personal vehicle • Complete log or “Mapquest” with miles traveled

5. Travel (cont’d) • Actual reimbursed meals expenses up to the per diem amount listed at: http://www.gsa.gov/Portal/gsa/ep/contentView.do?contentId=17943&contentType=GSA_BASIC • We do not pay per diem • Max allowed in Newport News in 2011 is $46 • Actual hotel expenses up to per diem listed at GSA • We do not pay per diem • Max allowed in Newport News in 2011 is $77

6. Foundation Disbursements(cont’d) • Payments to CNU employees for time worked or projects completed must go through Payroll (AP14a) • Payment to students for time worked or projects completed should be completed through Payroll (AP14b) • must be reviewed by Student Accounts and Financial Aid to insure that the student’s financial aid eligibility is not affected

7. Foundation Disbursements(cont’d) • Cash Advances are allowable • Cash advance form with proper approvals • Receipts and left over funds must be returned within three working days of expenditure or return from trip

8. Foundation DepositsAllowable Deposits and Activities • Main Contact: Jennifer Vance • P&P begins p 92 at cnu.edu/foundations • Complete Deposit Form • Certain Credit Card Transactions

9. Foundation DepositsAllowable Deposits and Activities (cont’d) Gifts • Gifts received for departments by check or credit card • Faculty & Staff Campaign Payroll Deductions • Need to coordinate departmental fund raising efforts with the Advancement Office • Notify Gift Processing Manager (Fonda Smith) when you receive a non-monetary gift so that the donor can be recognized

10. Foundation Deposits Unallowable Deposits and Activities • Events not related to fund-raising or gift receipt • use a University local account • Registration fees for events at CNU • Conferences hosted at CNU • Non-CNU activities with faculty involvement • use a bank • Example of Tidewater CPA vs. FOCUS • Student Activity Groups • use a University local account

11. Foundation Reporting • Main Contact: LaMonte Williams • Transaction Report and Summary delivered to Department Chairs Quarterly • Usually via email • Review the reports • Communicate potential errors to Foundation timely

12. Foundation & Advancement Contacts • Spencer McDonald, Controller • spencer.mcdonald@cnu.edu • 594-7941 • LaMonte Williams, Asst Controller • williams@cnu.edu • 594-7966 • Jennifer Vance, Sr. Fiscal Technician • jennifer.vance@cnu.edu • 594-8462 • Fonda Smith, Gifts Manager • fsmith@cnu.edu • 594-7038