Changes to TU Foundation Invoices & Contracts
Effective immediately, the TU Foundation (TUF) will no longer pay any expenses that are not invoiced to the TUF. Make sure to follow these guidelines to keep the two distinct accounting entities separate, as recommended by the USM’s Office of Internal Audit:
When engaging vendors for goods and services, determine up front whether you plan to use TUF funds or a TU budget. It is then your responsibility to inform the vendor which entity (TU or TUF) to invoice.
- If you are using a TU budget, submit the invoice to stratusapinvoices@towson.edu. No TUF involvement required.
- If you are using TUF funds, BEFORE you engage the vendor, you must verify that the TUF project you intend to use has sufficient funds. Instruct the vendor to invoice TUF. You can then submit the disbursement request via the TUF PaperSave Electronic Disbursement Request Form (EDRF) process.
- If you partially use TU and TUF funds, the invoice must be addressed to TU and paid fully by TU. After the invoice is paid by TU, you can seek reimbursement utilizing the TUF Transfer to TU process.
It is critical that you NOT make the TUF a party to any contract. Only TUF employees or board members can legally bind TUF in a contract. The process for contracts using TUF funds will now be as follows:
- All contracts must be executed between TU and the vendor.
- If you are using TUF funds, add language to the contract that specifies all invoices are to be addressed to the Towson University Foundation.
- Ensure all invoices you receive are addressed to TUF and submit through TUF’s EDRF process.
For questions regarding these changes, contact the Towson University Foundation at tufoundation@towson.edu or 410-704-3278
Categorised in: General
This post was written by Dimattia, Sara