The DEO is responsible for ensuring that the department uses gift accounts in the UI Foundation for the purposes the donors specified. For each departmental account at the UI Foundation, there is a "Description of Account" that states the purpose of the funds (e.g., undergraduate scholarship awards). DEOs may request copies of these descriptions from Sherri Furman at the UI Foundation (LCUA, 319-335-3305).
The department uses the Foundation's Departmental Account Summary and the Statement of Account report to monitor its use of Foundation funds. These reports are available online. Contact Shelly Michel in the UI Foundation's finance office regarding how to gain access to the online system. Questions about the Account Summary may be addressed to Sherri Furman.
To make an expenditure from Foundation funds, the department submits the Foundation's Payment Authorization form. For most expenditures, including honoraria and travel expenses, the department transfers funds from a Foundation account to a gift account in the University accounting system; the Payment Authorization form must specify the appropriate MFK with the institutional account code 4069. The DEO must ensure that funds are transferred promptly so that no deficit occurs. UI Foundation forms are downloadable from the University's e-forms website.