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7.1.22 Foundation

Purpose

The Illinois State University Foundation, located in the University Alumni Center is a University-related, nonprofit corporation, organized under the laws of the State of Illinois. The purposes of the Foundation as stated in its constitution (Article I, Section 4 are to:

  • Assist in developing and increasing educational opportunities and the facilities of the University for service to its students, alumni, and citizens of the State and nation by encouraging gifts of money, property, art, historic papers and documents, museum specimens, and other material having educational, artistic, or historic value;
  • Receive, hold, and administer such gifts with primary objective of serving educational purposes of the University; to act as trustee of educational or charitable trusts; to administer gifts, grants, or loans of money or property, real or personal;
  • Consider such acts and enterprises that are in the interest and welfare of the University; and
  • Invest any funds given or entrusted to the Foundation that are not precluded from such investment by the donor(s).

The Foundation administers these gifts to ensure that the intent and integrity of the donor is properly exercised.

Payments made by the Foundation

General

The Constitution of the Illinois State University Foundation ("Foundation") requires Foundation funds to be administered "with the primary objective of serving the educational purposes of the University."

Two voucher forms are used for requesting payments by the Foundation: a voucher for non-travel expenses and a travel voucher. Both are available on the Foundation's website under "Procedures and Forms". Vouchers are reviewed daily and checks are issued once per week. Typically, eligible vouchers received in the Foundation Office, Campus Box 8000 by 10:00 a.m. on Tuesday will be paid during the same week.

Departmental fiscal agents will take full responsibility for the accuracy and validity of expenditures from their departments' funds. Foundation officials may return unpaid vouchers to the fiscal agent when additional information is needed or when requests are for inappropriate expenditures.

The Foundation is exempt from Illinois state sales tax. It is the responsibility of the purchaser to provide the vendor with tax exemption documentation. Illinois state sales tax will not be paid (or reimbursed to the purchaser) by the Foundation.

The Foundation is not subject to the Illinois Procurement Code or ISU purchasing policies and procedures when making purchases for its own use; however, departments making purchases from funds held on their behalf by the Foundation are NOT exempt from these requirements and must follow the Illinois Procurement Code and standard ISU purchasing policies and procedures. Please refer to http://purchasing.illinoisstate.edu/ for additional information.



Links

Illinois State University Foundation

Initiating body: Foundation

Contact: Advancement Operations, Foundation Accounting Office (309)438-8901

Revised on: 7/2013


2016-07-28T12:12:04.954-05:00 2016
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