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FeedbackISU Foundation Funds
Effective: Moved to Policy Library from UPM 10.2(3)
Contact: Controller's Department
Introduction
The ISU Foundation is a 501(c)3 organization established solely to benefit Iowa State University. Gifts to the Foundation are to be used to support the mission of the university. For these funds, compliance with the Memorandum of Agreement is the primary test of allowability.
The Appropriate, Allowable and Documented Expenditures policy and university procurement policies apply to the funds provided to Iowa State University via the ISU Foundation. In the university accounting system, expenditures from ISU Foundation funds are applied to accounts within the 497 fund account series. The documents for 497 expenditures are public records.
Policy Statement
Expenditures from ISU Foundation accounts must relate to a university activity or function, or must support the university's advancement, and are expected to be commensurate with the probable benefit to the university. Foundation funds are not to be used for the personal benefit of university employees and must be used prudently.
Legitimate business expenditures may be charged to an ISU Foundation account if allowable per the applicable Memorandum of Agreement (MOA). The determination of legitimate business purpose, or appropriateness, is the responsibility of the relevant department chair, director, or dean. Adequate documentation must be provided indicating appropriateness, reasonableness, and the business purpose of the expenditure.
If the MOA permits, hospitality expenses related to employee, alumni, and student events, employee recruitment, and other employee or external relations events or activities may be paid from Foundation funds. Within the constraints of the ISU alcohol policies allowable hospitality expenditures from ISU Foundation accounts may include alcohol that is served, unless prohibited by the MOA.
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