Proposed Revisions to 901.7 - Donations
Board Policy:
Cash
donations received by any unit campus of the
Montana University System and made payable to that unit campus will
be deposited as State University System assets into the State Treasury and
recorded on the Statewide Budgeting and Accounting System unless documentation
clearly provides evidence of other donor intent or identifies the donation is a
result of campaigns or solicitations from a separately incorporated foundation
acting on behalf of the university unit campus. Copies of such documentation must be
maintained by the University System campus.
When properly documented, such a cash donation may be forwarded to the
separately incorporated foundation.
This
policy does not preclude the University System campus from transferring funds
to a separately incorporated foundation for investment or endowment
management. However, the University
System campus must retain the assets, in some form, on the Statewide Budgeting
and Accounting System records. A yearly
accounting, at minimum, must be furnished to the campus by the separately
incorporated foundation in order for the University System campus to prepare
accounting adjustments related to interest earned and expenses incurred on the
assets transferred for investment or management.
History:
Item 79-001-R0593,
Donations, Montana University System, July 8, 1993.