West Virginia University Foundation Billing Accounts

West Virginia University Policy
Division of Administration and Finance

WVU-CO-32

WEST VIRGINIA UNIVERSITY FOUNDATION BILLING ACCOUNTS POLICY

PURPOSE

The purpose of this policy is to differentiate between the expenditures that will be reimbursed by the West Virginia University Foundation, Inc. which were initially paid by West Virginia University and those expenditures that are to be processed directly with the Foundation. Also, the responsibilities of Foundation Budget Officers in individual departments are listed for reference.

SCOPE

This policy applies to all University departments, including those on the regional campuses.

POLICY

Reimbursement by West Virginia University Foundation, Inc. (Foundation) for expenditures initially paid by West Virginia University (payroll, fringes, telephone, postage, and WVNET charges) must occur through the use of WVU Foundation, Inc. Billing Accounts. All other expenditures are to be processed directly with the Foundation according to the Foundation accounts payable policies and procedures.

It is the responsibility of the Foundation Budget Officers in the individual departments to ensure that:

• Departmental personnel identify all WVU Foundation, Inc. Billing Accounts to Foundation management and the WVU Controller’s Office.
• Expenditures incurred by the University and processed for reimbursement through WVU Foundation, Inc. Billing Accounts are for services received, represent no conflict of interest, provide benefit to the University, comply with stated University and Foundation policies and procedures, and comply with the purpose and restrictions of the applicable Foundation fund.
• Expenditures occurring in the WVU Foundation, Inc. Billing Accounts reconcile to reimbursements made by the Foundation. The Foundation and the WVU Controller’s Office are to be notified of any discrepancies.

Departments remain responsible for any expenditures which are disallowed by WVU Foundation.

In order to facilitate reimbursement, invoicing for Foundation Billing Accounts will be performed by a central administrative unit on a monthly basis.

Small one time payments associated with cash awards paid directly to University employees and funded from Foundation sources must be processed by WVU Payroll. These payments may be reimbursed outside of the WVU Foundation, Inc. Billing Accounts with prior approval of the Foundation and the Controller’s Office. Reimbursement of such payments must be deposited into original funding source of payment as an expenditure reduction.

PROCEDURE

Procedure development rests with the Assistant Controller of Sponsored Research and Cost Accounting of the Controller’s Office.

RESPONSIBILITY FOR IMPLEMENTATION

The responsibility for implementation of this policy rests with the Foundation Budget Officers in the individual departments. The Controller’s Office, at 293-4002 or P.O. Box 6001, is available to answer questions or provide additional information regarding this policy.

RESPONSIBILITY FOR INTERPRETATION

The responsibility for interpretation of this policy rests with the Controller, West Virginia University.

Effective Date: September 10, 1998
Approved By: Scott C. Kelley, Vice President