Effective: 10/1/1997 |
Revised: 7/1/2019 |
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FIN 401–04: ASU Foundation Transactions |
To provide information regarding ASU Foundation disbursement transactions
University and ASU Foundation policy
Many ASU departments have various accounts with the ASU Foundation from which they make disbursements. The following disbursements cannot be made from an ASU Foundation account:
With the exception of item 7, these prohibited transactions may be paid from an ASU account. Funds can be transferred from an ASU Foundation account to an ASU account to fund these disbursements if necessary. To request the transfer of funds, a properly approved Foundation Request for Disbursement form requesting payment to ASU local accounts must be submitted to the ASU Foundation. The ASU Foundation deposits the funds to the ASU account through Cashiering Services.
Capital equipment purchases may be paid from either an ASU or an ASU Foundation account. The cost of capital equipment charged to an ASU account, however, may not be reimbursed from an ASU Foundation account. It is, however, appropriate to transfer funds from the ASU Foundation to ASU for capital equipment purchases as long as the transfer is recorded in the Financial Management System as gift revenue and not as capital equipment expense reimbursement.
For capital equipment purchased from an ASU Foundation account, a list is forwarded to Property Control for recording as a gift-in-kind on the university accounting system and as a university asset in the property accounting system.
If the proceeds from an event are deposited into an ASU Foundation account, all direct costs of the event should be funded by that ASU Foundation account. (See FIN 301–02, “Deposits—ASU-Approved, Financially Related Organizations,” for requirements that must be met to deposit proceeds from an ASU-sponsored event with the ASU Foundation.) For example, if an ASU department sponsors a fund-raising and/or an educational banquet and deposits the proceeds in an ASU Foundation account, the direct costs of the event should be funded from the ASU Foundation account, not the department’s ASU account. Direct costs of an event include, for example, printing invitations, postage, and meals. Direct costs may be paid initially through an ASU account; however, these costs, including the ASU administrative service charge, must be repaid from the ASU Foundation account receiving the proceeds from the event.
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