foundation ins & outs: may 21, 2009csba.tamu.edu/workshops/spring2009/foundationinsouts.pdf ·...
TRANSCRIPT
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Foundation Ins & Outs: May 21, 2009
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AGENDA
Incoming fundsOn-Line GivingIncome distributions
ReportsPredicting the income
DisbursementsQ & A
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Texas A&M Foundation
Gift ProcessingAnn Lovett, Manager
847-8700, ext. 137
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Key Contacts in Gift ProcessingPhone Number 847-8700
Name Ext. For Questions About
Sharon Sanders 133 TokOpen/Imaging
Debora Voorhies 136 Pledge Reporting/On –Line Giving/Board Reports
Connie West 167 Foundation Gifts
Angie Wilson 132 University Gifts
Jesse Natal 188 Matching Gifts
Barbara Reed 134 Receipts and Acknowledgement Letters/Grant Tracking
Jeannette Templeton 103 Bio/Gift Entry in Advance
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On-line Giving
http://giving.tamu.eduAccepting credit card donationsHow to Give-
On-Line giving instructionsCollege/Department AccountsOther
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On-line giving Website
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On-Line Giving Set Up for UnitsMays Business School-Marketing will work with to establish a link to our giving site this summerMarketing will coordinate with other units to schedule on-line giving process
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On-Line Giving Policies
Donor must enter credit card information into website
For donor and TAMU Foundation security-credit card #’s will not be taken by phone or other media and entered.
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On-Line Giving Policies
On-line Giving should be used for gift purposes onlyNon-Contributions for Texas A&M Foundation accounts should be handled through checks, EFT’s or ACH payments
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On-Line Giving Policies
Only Texas A&M Foundation (TAMF) accounts will be listed on the website-TAMU like accounts may be added to the Foundation accounts for the websiteRequest for new accounts to the website needs to go through TAMF Marketing-Rachel Dohmann, 847-8700, x 144
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Where to Get More Information
Intranet Sitewww.tamu.edu/fnetCampus ClientsPolicies, Reports, Forms, Contacts
Call the Foundation
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QUESTIONS?????
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Key Contacts in General AccountingLinda Jackman, Asst. Controller
Phone Number 847-8700, Ext 150
Name Ext. For Questions AboutDebra Bundren 142 DisbursementsBecky Hancock 145 GL Activity, Web SiteBecky Shaw 143 GL Activity, Non-ContributionsLori Gabriel 149 Scholarship projections, stock
transfers, payroll, expense reports
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Foundation AccountsEndowed
04-3xxxxTracks contributions, pooled fund units and market value
05-3xxxxTracks investment income, fees, disbursements
Non-endowed05-7xxxx
Tracks interest income, fees, disbursements
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EndowedGift
04-34567Non-EndowedGift & Activity
05-76543
$100,000 Endowed
Income &Disbursements
05-34567
$100,000 Non-End.
Gift to Foundation for TAMU
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5% DEVELOPMENT FEE
Non-Endowed fee paid immediately Endowed fee paid over 12 months
Entire gift is investedFee collected as income is earned
1% Returned to College
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05-76543Income Cash
$100,0005% Dev Fee
Non-Endowed Cash Gift
05-76543Income Cash
$95,000
Interest
Disbursements
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04-34567Endowed Gift
$100,000Set up payable
For 5% Fee
05-34567To TAMF$4,000
05-34567To College
$1,000Invested
04-34567 Pooled Fund
Endowed Cash Gift
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05-34567Cash
($416.67)Set up payable
05-34567To TAMF$4,000
05-34567To College
$1,000
Monthly Endowed Fee Collection
1/12 Fee Collection
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INVESTMENT IN POOLED FUND
Purchase units at 06/30/2008 price $27.3442 per unit
3657 units cost $ 99,997.74Endowed Cash 2.26
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04-345673657 Pooled Fund Units
7/1/08-6/30/09 $1.25 Per Unit/12
Monthly Pooled Fund Distribution (06/08 purchase price)
05-34567Cash
$380.94
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Monthly Activity Summary(06/08 purchase price)
Income Cash
Pooled Fund Dist 380.94Dev Fee Collection (416.67)Ending Cash Balance (35.73)
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INVESTMENT IN POOLED FUND
Purchase units at 12/31/08 price $20.58 per unit
4796 units cost $ 99,996.60Endowed Cash 3.40
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04-345674796 Pooled Fund Units
$1.25 Per Unit/12
Monthly Pooled Fund Distribution (12/08 purchase price)
05-34567Cash
$499.58
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Monthly Activity Summary(12/08 purchase price)
Income Cash
Pooled Fund Dist 499.58Dev Fee Collection (416.67)Ending Cash Balance 82.91
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Predicting Cash FlowUsually 18 months before a new endowed account has sufficient funds for a scholarship paymentPooled fund payout
Ending in June 2009 #PFunits*$1.25/12Beginning in July 2009#PFunits*$1.17/12
Consider the Development Fee Payable10 business days to close a month—so you will not see the PF Dist until then
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Where do I start?
Scholarship projections sent in FebruaryOR
Reports (www.tamu.edu/fnet)Monthly Account Summary (one line for each account) Monthly Statement (month’s activity including market value)
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Monthly Account Summary p. 10
Summary of all accountsA good “at a glance” reviewTotal value, pf units, cash and activityUse to identify cash that need to be used
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Monthly Statement Definitions(Permanently Restricted)
# PF UNITS= # of units held in the account (buy in each month at the current price as funds are available)BOOK VALUE=The total amount of contributions received over the life of the account (may also include transfers, matching, etc.)MARKET VALUE=
Current monthly value of the pooled fund investment +Cash awaiting investment +Other assets (stock awaiting sale, real estate)
NET RCPTS=Net receipts of gifts + transfer in –transfers out
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Monthly Statement Definitions(Temporarily Restricted)
CASH RECEIPTS=all incoming cash for the month
Gifts, investment income, other revenues
DISBURSEMENTS=all outgoing cash for the month
Vendor payments, TAMU transfers, development fees paid
CASH AVAIL=cash at month end available for use
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Predict the Cash Available(Account 34048 “Tiger’s Fund”)
Can we award $1000 for Spring?Current Cash @9/30: $628.34PF Units: 1,545
Monthly Cash income:1,545*1.17/12=$150.64
Oct, Nov & Dec: 3*150.64=$451.92Minus any Development Fee Payable
Cash @12/31: $628.34+$451.92-$0=$1,080.26PROBLEM: Annual cash income is only:
1,545*1.17=$1,807.65
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Predict the Cash Available(VP for Student Affairs-p. 12, 13)
Can we transfer $20K in December to FMO?Current Cash @9/30: $15,535.68PF Units: 4,195
Monthly Cash income:PFDIST=$402.02
Oct, Nov & Dec: 3*402.02=$1,206.06Minus any Development Fee Payable
Cash @12/31: $15,535+$1206-$364=$16,377NO
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Other Web Site Reports
Cash Activity Report (the same as the second page of the monthly statement) p.10
Refreshed weekly--Friday All activity may not be reflected for unclosed periods:
10 business days to close the month
Accounts Payable will be currentCash receipts, JEs, Pooled Fund entries will be later
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Other Web Site Reports
Monthly Statement (p. 12,13)Fiscal year July-JunePage 1, Balance Sheet and Summary of ActivityPage 2, Cash activity for the month
Annual StatementFiscal year end June 30Same format as Monthly StatementHas yearly cash activity (7/1-6/30)
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`
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DEAN’S REPORTS ( p. 14,15)
ANNUAL ENDOWMENT REPORTDEPARTMENTAL SUMMARY 6/30
5 YEAR ENDOWMENT REPORTCOLLEGE’S ENDOWMENT
BEGINNING MARKETACTIVITYAPPRECIATION (DEPRECIATION)ENDING MARKET VALUE
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Disbursements- Key PointsTAMF Expense Voucher (p. 15,16)
Donor restrictionsUse current formOriginal receiptsAppropriate signaturesUse for transfers between Foundation accountsInventory -TAMU FDP4 & FDP414 do those on-line, enclose copiesAll scholarships are paid thru TAMU
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Travel ReimbursementsActual, reasonable expenses (NO PER DIEM) ITEMIZED RECEIPTS REQUIREDState rate or coach faresIRS allows breakfast, lunch, and dinner when there is an overnight stay
Snacks, misc beverages are a personal expense
Organized & documentedExpense Reimbursement Form (p. 17)
WITHIN THE LAST 6 MONTHS
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Key Points
If you have an unusual expense, please discuss with us before it happens to avoid any delays or rejection of expensesConsolidate transfers—do one voucher and e-mail excel spreadsheet
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The TAMF CAN NOT make:
Taxable Payments and gifts to University Employees and StudentsReimbursement for Gifts Purchased for University Employees and StudentsPayments to non-employee foreign nationals for services provided in the US
The TAMF Can:Transfer funds to FMO Account for payment
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Where to Get More Information
Intranet Sitewww.tamu.edu/fnetCampus Clients
Policies, Reports, Forms, Contacts
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QUESTIONS?