 Policies & Procedures
NEW ACCOUNTS
The New Account Requests should be submitted in sufficient detail (including additional informational attachments and/or donor letters) to clarify the source of funds, donor's intent and any restrictions on the use of funds. Account signatories should be authorized officials of the University. The primary signatory must have a Primary Signatory Agreement on file with the CSFPF. All CSFPF Account Information Forms must be approved by the appropriate Dean, Vice President or President before the form is turned in to CSFPF. One of the primary responsibilities of the CSFPF is to ensure funds are expended in compliance with donor restrictions. Therefore, once an account is established, it may only be used for the stated purpose. Please refer to the New Account Request documentation in the Download Forms section.
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DEPOSITS
All deposits should be brought directly to the CSFPF offices. Items for deposit should be brought to CSFPF upon receipt by the department. Funds are not to be held by the department. A completed CSFPF Deposit Form must accompany the deposit. In our 'Download Forms' section, there are several deposit form choices. You may use whichever form best fits your situation. Cash must never be sent through the campus mail. All check deposits should be made payable to Cal State Fullerton Philanthropic Foundation. Credit card information must include the payee's billing address along with the credit card number and 3-digit security code (found on the back of the credit card). Any funds that rightfully belong to the University (State funds) will not be deposited with the CSFPF.
Gift Deposits - All gift deposits must contain complete information regarding the donor. If the donor provides a letter or information regarding the donation, this must be attached with the CSFPF Deposit Form. Donor restrictions on gift deposits to a CSFPF account must be consistent with the established purpose of the account. If the donor receives anything of value in return for the gift, the dollar value and description of the goods or services received must be stated on the Deposit Form in order to clarify and quantify the tax-deductible status of the gift. All gift information is then processed for the issuance of a CSFPF gift receipt to the donor stating the disposition of the deposit and identifying any amount that may not be tax deductible. The gift receipt enables the donor to verify the correct disposition of the funds. For gift deposits, the goal is to send out gift receipts within 72 hours of deposit. Consequently, gifts should not be held by departments. Non-Gift Deposits - A non-gift occurs when the value of the benefits received by the donor for making the gift is equal to or exceeds the donation/gift amount to the charity or when the source of the funds is not from a contribution. The substantiation for any non-gift must be described on the CSFPF Deposit Form. Non-gift deposits not associated with a donation, private grant or fundraiser should not be deposited to CSFPF accounts. (Note: All funds raised involving the sale of items is subject to the collection of sales tax as required by the State of California.)
Reimbursement of Expenditures - If an individual or group reimburses an account for expenditures made by that account, the deposit should be a credit to the expenditure object code rather than classified as income. Documentation for the reimbursement (i.e. copy of invoice) should be attached to the Deposit Form to verify the funds are reimbursing the proper account. An explanation of the reimbursement must be stated on the Deposit Form.
Special Requirements for Credit Card Processing- In order to process credit card charges, our processing company requires the following information:
- Cardholder name
- Cardholder address (billing address)
- Credit card number
- Security code:
- For Visa, Mastercard and Discover: 3-digit code on back of card
- For American Express: 4-digit code on the front of the card
- Expiration date
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IN-KIND GIFTS
In-kind gifts are donated directly to the University (not through Cal State Fullerton Philanthropic Foundation). However, if the intent is to sell the in-kind gift immediately, these should be processed through CSFPF. Contact the appropriate Director of Development in University Advancement for further information.
Click here for more information on accepting in-kind gifts.
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FUNDRAISING
All fundraising efforts by campus departments are to be cleared with the Office of University Advancement for compliance with any Federal, State, CSU, and CSUF requirements or restrictions. Departments should contact the appropriate Director of Development to discuss fundraising events. If funds raised are considered gifts and the donor receives anything of value in return for the gift, the department must provide an accounting of how the value of benefit received was determined.
Collection of Sales Tax for Items Sold in Fundraising
All deposits to CSFPF for items defined as taxable by the State of California Department of Equalization (including items sold and auctioned) must include sales tax as prescribed by law.
Deposits must have documentation attached which provides a description of the type of taxable item(s), # of taxable items per type, and total collected including sales tax per type. A description is important because some items are not taxable according to state law. Sales tax information is available on the web at http://www.boe.ca.gov/pdf/pub18.pdf (Publication 18 is helpful as it relates to non-profits). Account holders can contact CSFPF if they are unsure regarding the taxable status of any item. If any items are nontaxable, they must be listed separately, clearly described and marked nontaxable; otherwise they will be included as taxable items in the deposit.
One of the simpler ways of collecting the tax is to price the item to include the tax, so you do not have to calculate it at the time of the exchange transaction. For example, if an item is to be sold for $5.00 and the sales tax rate is 7.50% the price of the item plus tax would be $5.38. The total price to charge could then be set at $5.50 (rounding it up to make the transaction easier).
The total collected for all taxable transactions will be posted to object code 6402 within the account that receives the funds. The sales tax due the State will be calculated at the time of deposit and charged to the account as follows:
Total collected minus [Total collected divided by (1.00 plus the sales tax rate)] = Total tax due For example, if 50 items sold for $5.50 including tax, $275 would be deposited to the account as sales. Assuming the current tax rate is 7.50%, total tax due would be:
$275 - ($275 / 1.075) = $19.19
The calculated sales tax will be deducted from the account and remitted to the State of California by CSFPF. Nontaxable sales will be coded to object code 6403 and will not be subject to the sales tax calculation.
Please remember that if items are purchased through a CSFPF account to resell as a taxable item, those items are nontaxable when purchased and become taxable when sold. The check request or purchase order must clearly state that the items are for resale and provide details regarding the event at which they will be sold. The funds from the sale of these items must then be deposited to a CSFPF account.
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EXPENDITURES AND ACCOUNT TRANSFERS
Funds must be available in an account for an expenditure or transfer of funds to occur. All withdrawal requests and transfers must be consistent with donor intent and compliant with any Federal, State, CSU, CSUF, CSFPF and account restrictions/directives. All check requests, purchase orders and account transfer forms must be completed with sufficient original supporting documentation attached to assure the correct appropriation of funds. If not apparent, a brief explanation must be included as to how the expenditure or transfer relates to the purpose of the account. Expenditures and transfers must comply with any restrictions placed on the account by donors. An authorized account signer (who is an authorized University official) must approve expenditures and transfers (two signers for amounts over $3000). The signature of a signer's immediate supervisor (or other superior to that position) will be required for personal reimbursements, travel expenditures/reimbursements, and other employee related expenditures.
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Types of Disbursements
Check Request - The check request is the most commonly used disbursement document. It is used to authorize payment for all expenditures except scholarships and items purchased with a purchase order. The CSFPF takes no responsibility for ensuring that goods or services have been received for check requests approved by authorized account signers.
Scholarship Check Request - This is used to disburse scholarship funds to individual students. Scholarship funds are transferred directly from CSFPF to Student Financial Services. SFS then generates payment to the student.
Purchase Orders - CSFPF provides a purchase order process to facilitate basic purchases of goods where the vendor requires a purchase order number. Any disbursement requiring a formal contract must be processed through the University's Procurement department. The CSFPF generally does not enter into contracts of any kind on behalf of the University or its departments.
Payroll - No payroll services are provided by CSFPF. Any transactions involving payroll must be processed through the University or another auxiliary. Refer to the section 'Special Consultant Pay for University Employees' for paying individuals already employed by the University.
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Rush Checks
Rush checks are available for all account holders who need them in emergency situations. Rush Check Requests under $3,000 turned in to the CSFPF offices by 10am will generally be available by 4pm the same day. Rush Check Requests over $3,000 will generally be available 24 hours from the time the request is received. The fee for all rush checks is $25.00 and may only be waived by CSFPF personnel in extreme circumstances. Please note that Scholarship Check Requests can be rushed (with a $25 rush fee), but the department must first contact Student Financial Services to verify whether or not they will be able to rush a check to the student.
Availability of Funds and Authorized Signatories
Funds must be available in the CSFPF account listed on the check request or purchase order. Available cash is determined by the cash balance of the account, less any encumbered amounts. An authorized account signatory (who is an authorized University official) must sign the check request or purchase order. Two authorized signatures are required for disbursements over $3,000. Reimbursements to faculty/staff require signature of their immediate supervisor or superior.
Original Receipts and Invoices
Original receipts/invoices are required. If original receipts are not available for reimbursements, a Lost/Missing Receipts Verification Form must be completed and a copy of the receipt attached if available. If an original invoice is not available for vendor payments, a copy must be attached with an explanation for future audit reference. CSFPF will verify that non-original documents have not been previously paid by CSFPF. The CSFPF cannot check to ensure a duplicate payment has been made by either the University or other campus related entity (i.e. CSUFASC). Reimbursements must reflect an invoice or receipt that is marked paid to verify proof of purchase. The amount on the check request must equal (or not exceed) an invoice amount or sum of attached invoices/receipts.
Sales and Use Tax
For the purchase of goods and other taxable items, vendors must charge sales(use) tax in most cases. If sales(use) tax is required and the vendor does not collect it, CSFPF will charge the sales(use) tax amount to the account that paid the vendor and pay the tax directly to the State Board of Equalization
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SPECIAL REQUIREMENTS FOR DISBURSEMENTS
Reimbursements or payment of employee related expenses
- The signature of an authorized signer on the account AND the signature of the immediate supervisor (or superior of that position) shall be required for:
– Reimbursement of out-of-pocket business related expenses
– Compensation such as awards, honorariums, salary and wage reimbursements (release time)
– Travel expenditures/reimbursements and travel authorizations
– Conference fee payments
– Payment of cellular phone bills
– Any other payments that are directly related to the individual employee
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Payment requests payable to CSUF (Cashier's Office)
- All requests for payment to a CSUF University account will be made payable to the CSUF Cashier's Office (if payment is related to student financial aid, please refer to the Scholarship section)
- The University requires that for CSFPF to pay a University account, the University must invoice the CSFPF. For reimbursement of P-Card expenditures or other miscellaneous expenditures which were paid from a University account, or cash transfers to a University account, the department should do the following:
- Prepare a CSFPF Purchase Order - complete with all information and signatures
- Complete an Expenditure Transfer Request - complete with all information and approval signature (except Purchase Order Number). The CSFPF account to be charged is CMS Fund-THEFD Dept-10013 Program-7806
- Send the original completed P.O. with the completed Expenditure Transfer Request along with supporting documentation (i.e. copy of p-card charge, copy of invoice, etc) to CSFPF in CP850.
- CSFPF will assign a purchase order number and send the completed Expenditure Transfer Request to the University. When the CSFPF is billed by the University, the P.O. will be paid.
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Payment Requests for Services/Independent Contractors
In order to be in compliance with Federal, State of California and CSU regulations, all requests for payment of services and service-related items through CSFPF must be preauthorized by the CSFPF before services are performed. No payments for services will be made through CSFPF accounts unless they are preauthorized.
- Services include (but are not limited to):
- Any type of contracted services
- Speaker compensation and reimbursements
- Honorariums
- Performers
- Printing services
- Mailing services
- Design services
- Video services
- Rental services
- Event services
- Hotels
- Catering/food service
- Golf resorts or other event venues
- Goods which have a service component such as:
- Letterhead, envelopes and other paper products that have been imprinted
- Promotional items that have been imprinted
- Items of appreciation/congratulations to donors or others that have been imprinted
How it works:
Submit a completed CSFPF P.O. form - http://www.fullerton.edu/foundation/forms/form.checkreq.pdf
Include the following:
- CSFPF account number and department contact information
- Complete payee name and address
- Total amount to be paid for service (total of all payments if more than one payment)
- Type and detail of service to be performed (including number and amount of expected payments)
- Justification statement for the expenditure of how it relates to the purpose of the CSFPF account being charged, if not apparent
- Authorized account signer signature(s)
- A completed CSUF Form 204 – Vendor Data Record (if one has not been previously submitted) http://finance.fullerton.edu/Procurement/documents/VD204_Form.pdf
- A completed D11, if applicable
- Any other documentation which may help explain/justify the expenditure
Upon review, the CSFPF will determine if the expenditure is allowable based on internal and external criteria. If the expenditure is allowable the CSFPF will then determine if it would be more appropriate to process the payment through CSFPF directly or through the University (depending on internal and external expenditure and reporting requirements).
If the CSFPF determines it will process the payment directly, you will be notified of the P.O. number authorizing you to proceed. If the CSFPF determines the payment should be processed through the University, CSFPF will submit the information to the University via the requisition process. If the University determines the payment is appropriate, it will notify CSFPF at which time you will be issued a CSFPF P.O. number.
Please be sure to submit a completed CSFPF P.O. request with ample time for processing .
If the payee is an employee of CSUF, the payment cannot be processed through CSFPF Accounts Payable. Refer to the section "Special Consultant Pay." If the payee is an employee of a University auxiliary, the additional services should be cleared by that auxiliary before work is performed. If additional work is approved by that auxiliary, a completed standard CSFPF Check Request should be submitted with sufficient explanation/documentation to transfer funds to the auxiliary. The auxiliary should then process the service payment to their employee through their payroll process.
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Special Consultant Pay for University Employees Note: All persons paid as special consultants must either be current University employees or have been processed as a new employee through appropriate University procedure. Using the University account number and position number stated below will charge the payment to CSFPF. CSFPF will be billed by the University and the CSFPF account number specified will be charged.
Special Consultant Pay For CSUF FACULTY:
The CSFPF follows the University procedures for Faculty Special Consultant Pay. Please refer to the following website for the form and instructions: CSUF Payroll Forms
Special Consultant Pay for CSUF STAFF:
- Create a Job Requisition through the CSUF Automated Recruitment Management System (Brass Ring)
o http://hr.fullerton.edu/hr.htm
o Employment Program
o Create Job Requisition
- Complete all required fields as you normally would for a special consultant in your department. The following sections are to be completed as noted below
o Previous Incumbent Position Number or Position to – Use as Funding Source’
– Fund THEFD
– Department 10013 --Program 7806
– Class Code 20192
– Serial # 905
o Special Consultant – must be completed
o Interviewers and Notes’
– – Requisition Notes – include the following
o o Staff employee complete name
o o Staff employee social security number
o o CSFPF account number from which University will be reimbursed
– – Interview Team – include the following
o o All authorized signatories for the applicable CSFPF account
o o Julie Chung
o o Susan Cervantes
o o Tara Garcia
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Stipends and Fellowship Grants
Stipends are regular fixed payments for services or to defray expenses (for example, the cost of time spent attending classes).
If any services are provided in order to receive a stipend or fellowship grant, that portion paid in consideration for services cannot be processed through CSFPF accounts payable. If services are not provided in order to receive a stipend or fellowship grant, that portion must be paid through the check request process. Supporting documentation may be required.
For students, non-service stipends and fellowship grants are considered similar to scholarships and require the completion of a Scholarship Check Request (refer to the scholarship section above). The student's campus wide ID and the semester(s) involved in the award must be noted on the check request for reporting to the Financial Aid Office.
For non-students, non-service stipends are considered taxable income to the recipient. A completed standard Check Request along with a CSUF Form 204 - Vendor Data Record must be submitted for processing of payments. Various restrictions or other processing requirements may apply depending on the legal residency status of the payee.
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Awards and Prizes
Awards and prizes are given to offer recognition of excellent work or extraordinary effort. An award or prize may also be won through lottery, luck or chance. Awards and prizes never involve services. However, awards and prizes are considered taxable income to the recipient. A completed standard Check Request along with a CSUF Form 204 - Vendor Data Record must be submitted for processing of payments for awards and prizes. Supporting documentation may also be required (such as an event flyer promoting a design contest). Awards for faculty and staff may be processed through the CSFPF providing NO services were involved. The income is taxable to the recipient. Various restrictions or other processing requirements may apply depending on the legal residency status of the payee.
Awards to students for scholarly related activity should be processed as a scholarship.
Directive 11 must be completed for awards & prizes.
Travel for employees of CSUF
- CSFPF uses State guidelines as a basis for travel reimbursements
- A completed and signed State Travel Authorization form is required when the travel involves a State employee
- For travel related expenditures for State employees, a State Travel Expense Claim, complete and signed, must be attached to the completed check request
- Original receipts (including passenger ticket receipt/boarding pass or itinerary for "ticketless" travel via public carrier) must be attached to the Travel Expense Claim, unless the costs are being shared between a State account and CSFPF. In this situation, the State receives the original receipts and copies are submitted to CSFPF
- CSFPF does not issue checks for travel advances
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Travel for students or other non-CSUF employees
- Travel costs for students and other non-CSUF employees will be paid following the basic check request process
- The names of the travelers, relationship to the University, dates of travel, purpose of trip and any other pertinent information must be included on the check request
- Students and other non-CSUF employee travelers must complete a CSFPF Student & Non-employee Travel Waiver, which should be completed before any travel takes place and must be included with the check request
- For student travel, the appropriate Campus authorities must be made aware of the travel event and any Campus requirements followed
- Directive 11 may be required depending on the circumstances
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Mileage
- Mileage is reimbursed at the State rate
- If the payee is an employee of CSUF, a State Travel Expense Claim must be completed and signed and attached to a completed check request
- If the payee is a student or other non-employee, a detailed mileage log showing the date, from where to where, purpose of trip and total miles (per trip) must be attached to the check request along with a Student & Non-employee Travel Waiver Agreement. Directive 11 may be required.
- Mileage is calculated from the campus unless mileage from the place of residence is closer. For example, a traveler attends a conference in Pomona for the day, leaving from and returning to home. The traveler resides in Huntington Beach. The traveler may only claim mileage from CSUF to the Pomona location and return mileage to CSUF.
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BASIC REQUIREMENTS FOR CHECK REQUESTS AND PURCHASE ORDERS
CSFPF Must Have Complete Information And Supporting Documentation
- CSFPF must receive complete information, supporting documentation and required signatures in order to process a check request/purchase order
- Incomplete check requests/purchase orders will be returned to the requesting department for completion
- CSFPF does not advance funds for travel. When invoices are presented for payment for the purchase of goods or services, it is assumed that all related goods and services have been received by they department. For deposits and prepaid items, CSFPF takes no responsibility for ensuring that goods or services have been received.
- Check requests that have complete information and supporting documentation are processed as follows:
Submitted by 10 am Tuesday available after 10 am Friday
Submitted by 10 am Friday available after 10 am Wednesday
- Refer to the Scholarship Check Request section for information regarding Scholarship Check Requests
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Completing the Check Request/Purchase Order
Check the appropriate box in the upper right area of the form to indicate whether this is a check request or purchase order
Note regarding purchase orders: CSFPF provides a purchase order process to facilitate basic purchases of goods where the vendor requires a purchase order number. Any disbursement requiring a formal contract must be processed through the University's Procurement department. The CSFPF does not enter into contracts of any kind on behalf of the University or its departments.
Upon receipt of invoice, acknowledge receipt of goods or services in writing on the invoice and forward to CSFPF for processing.
Vendor Information
- Payee/Vendor Name
- Payee/Vendor Address including zip code
Requester Information
- Requested by (name of person CSFPF should contact if there are questions)
- Department Name
- Phone #/Extension
- Location (Building/Room #)
Distribution
- Specify what CSFPF is to do with the check once it is issued
Rush?
- Specify if this is a rush check and if so, the date needed
- A rush fee of $25 is charged per check
- Rush Check Requests under $3,000 turned in to the CSFPF offices by 10am will be available by 4pm the same day. Rush Check Requests over $3,000 will be available 24 hours from the time the request is received.
Disbursement Information
- Provide adequate description and statement of the purpose of the expenditures in order to justify that the expenditure meets any Federal, State, CSU, CSUF, CSFPF or account restrictions/directives
- Additional documentation (for example, flyers for conferences or lectures) must be attached when appropriate
- If payment is being made for invoices, provide the invoice number and corresponding amount per invoice after the description and statement of purpose
- Original invoices must be attached for payment to vendors
- Original detailed receipts must be attached for reimbursements. If an original receipt is not available, a CSFPF Lost /Missing Receipt Verification form must be complete and attached to the check request along with a copy of the receipt, if available
- Provide the CSFPF account number, object code (if known) and corresponding amounts
- Payments for meetings, conferences, receptions, staff development, training and meals require detailed explanations (purpose, place, date and names/titles of persons in attendance) and documentation (such as agenda, invitation, flyer, etc.)
- Provide a completed Directive 11 as required
Account Holders' Signatures
- Request must be signed by an authorized account signer (who is an authorized University official)
- Single requests in excess of $3,000 require the signatures of two authorized account signers
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Check Request Schedule
Generally, check requests that are turned into the Foundation by 10am on Tuesdays will be available for pick up on Friday at 10am; check requests that are turned into the Foundation by 10am on Fridays will be ready for pickup on Wednesday at 10am (unless requests are incomplete or there are questions regarding the disbursement). Scholarship checks require longer processing time, dependent upon Student Financial Services processing time. It is recommended that scholarship check requests are submitted at least two weeks in advance of when needed.
Intercampus mail Check Request Form to: CSFPF, College Park, Suite #850
BASIC REQUIREMENTS FOR SCHOLARSHIPS
Most scholarship payments are made directly to the CSUF Student Financial Services. SFS will pay any funds due to the student directly to the student.
Scholarships are generally defined as payments made to benefit students at an educational institution and are provided to support academic merit or potential. Scholarships never involve any type of service (such as teaching or grading) to be performed by the recipient. Payments not made directly to the student but for their support (such as payments for housing or tuition) are also considered scholarship payments.
Scholarship payments paid directly to the student should be requested on a CSFPF scholarship check request. CSFPF will issue the funds to CSUF Student Financial Services. SFS will withhold any amount due from the student to the University and the remaining funds due the student will then be issued by SFS to the student.
Scholarship payments to third parties related to the University (such as CSUF housing) should be requested on a standard check request with the necessary student information and scholarship description noted on the check request. An invoice from the CSUF related third party must be attached. Checks will be issued directly to the CSUF related third party and then reported to Financial Aid.
Scholarship payments to non-CSUF third parties (such as another CSU) should be requested on a standard check request with the necessary student information and scholarship description noted on the check request. Checks will be issued directly to the third party and then reported to Financial Aid.
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Completing a Scholarship Check Request
Scholarships for CSUF students issued from Cal State Fullerton Philanthropic Foundation accounts will be paid directly to CSUF Student Financial Services. SFS will withhold any amount due from the student to the University and the remaining funds due the student will then be issued by SFS to the student. SFS will issue payment to the student usually within 2-3 days from the date funds are received from CSFPF.
- Prepare a CSFPF scholarship check request. Complete all required information, including:
- Date of request
- Requesting Department
- Name of requester
- Disbursement instructions for Financial Aid
- CSFPF account number
- Intercampus mailing address
- Requester's phone/ext
- Campus Wide ID (CWID)
- Student's full name
- Name of Scholarship
- Semester of Award
- Number of minimum units required (if no minimum, state none)
- Amount of Scholarship
- An authorized account signer (who is an authorized University official) must sign the scholarship check request (two authorized signatures are required for requests over $3,000)
- Authorized signers are certifying that the scholarships are being disbursed as appropriate to the restrictions and criteria established for the scholarships
- Submit the completed and signed check request to CSFPF
- CSFPF will process the check request, payable to the University, within the normal accounts payable processing schedule
- Check will be delivered by CSFPF to CSUF Student Financial Services with copies of the scholarship check requests and amounts will processed by SFS
- SFS will cut checks to the student
Note: If the scholarship payment is to a third party, such as CSUF housing, complete a standard check request noting the student's name, campus wide ID, semester of award and name of award on the check request. The check will be issued to the third party and reported to Financial Aid.
Intercampus mail Scholarship Check Request Form to: CSFPF, College Park, Suite #850
Scholarship Check Request Schedule is the same as shown above for regular check requests. Checks are then delivered to Student Financial Services. SFS estimates a 2-3 day processing time for issuing payment to the student. It is recommended that scholarship check requests are submitted at least two weeks in advance of when needed.
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ADMINISTRATIVE FEES AND ACCOUNT INVESTMENT INCOME
All funds deposited with Cal State Fullerton Philanthropic Foundation (CSFPF) are placed in one of several types of accounts. Account descriptions and fees for these accounts are as follows:
Campus Programs
Campus Program accounts are accounts established with funds received from donors or University Advancement activities. All Campus Program funds are restricted as to purpose (i.e. designated for use by a particular program or department). However, if there are no restrictions on the types of expenditures allowed by the particular program or department, the account is considered unrestricted. Restricted Campus Program accounts have specific expenditure restrictions imposed by the donor.
Scholarship Accounts
Scholarship accounts are those accounts established primarily to support the studies of students at California State University, Fullerton.
Endowment Accounts
Refer to the Endowments section of this document.
Fees for Campus Program and Scholarship Accounts
Administrative Fees – currently the CSFPF charges no administrative fees on campus program or scholarship accounts (other than credit card processing fees and rush fees).
Payroll Processing Fees – CSFPF does not provide payroll services.
Rush Fee – a rush fee of $25 will be charged per check for requests to process checks outside the normal CSFPF check-processing schedule. The check-processing schedule is stated on each CSFPF check request and purchase order.
Fee Waiver – fees for any Campus Program or Scholarship account will be waived if specifically prohibited by donor instructions.
Credit Card Deposit Processing Fees – fees charged by Mastercard/VISA, Discover and American Express for processing gifts and other income deposited via credit card. These fees are charged to the account to which the deposit was made unless other arrangements are made with CSFPF. Fees associated with credit card deposits to endowment accounts are charged to the corresponding distribution account.
Interest for Campus Programs and Scholarship Account
Interest earnings for Campus Programs and Scholarship accounts (including endowment distribution account accounts) are retained by CSFPF to cover its operating costs. Effective January 1, 2002, the Titan Certificate Program was suspended due to economic factors.
Other Administrative Fee Considerations
From time to time, certain CSFPF accounts may require more CSFPF involvement than is considered normal for the established fee structure. In these cases, CSFPF reserves the right to review these accounts and determine alternate administrative fee assessments.
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ENDOWMENTS – INVESTMENTS & SPENDING
Endowment Accounts
Endowment accounts are those accounts established with funds received by the CSFPF from which principal can never be expended. However, the earnings from the endowment can be used to support Campus Program and Scholarship accounts (termed as spending or distribution accounts when associated with an endowment) as well as be used to reimburse CSFPF for its costs of administration.
Endowment Investments
At this time, all endowment funds are invested with the CommonFund. The CSFPF Board of Governors has a formal investment policy that is reviewed quarterly. The Board periodically meets with investment professionals to meet it s fiduciary responsibilities.
Administrative Fees – CSFPF may assess an administrative fee on endowments as determined by the CSFPF Board of Governors. The current fee is 1% of the the 12 quarter rolling average market value.
Interest/Gain/Loss Distribution – The spending distribution to endowment distribution accounts is determined each fiscal year by the CSFPF Board of Governors. Currently, the distribution is made annually in July each fiscal year. Disbursements from distribution accounts must be consistent with the purpose of the endowment. Gains and losses in excess of the spending distribution are allocated to individual endowment accounts.
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