Cash Advances, OU Foundation

 

All Departments (Except Grants and Contracts)

All requests for advances from the OU Foundation, except advances for grants and contracts (XX5 departments), must be submitted on a “Request for Approval to Obtain Advanced Funds from OU Foundation” form to the respective President, Vice President or Provost (or their designees) for review and approval.  For all approved requests, the requestor should contact the University’s Legal Counsel to determine if a written agreement is required, and if so, should work with Legal Counsel to properly word the agreement and to secure the proper approvals. 

Upon approval of the agreement, an OU Foundation Payment Request form shall be prepared by and made payable to the requestor.  This form must be signed by the OU Foundation fund sponsor.   After the OU Foundation has processed the payment request, a check is returned to the requestor.  After the check is received, a copy of the approved “Request for Approval to Obtain Advanced Funds from the Foundation” form, the written agreement (if required), and the processed “OU Foundation Payment Request” form should be forwarded to Financial Services. 

Grants and Contracts Departments

Requests for advances to meet specific provisions in grants and contracts (XX5 departments) must be submitted by the requestor on a “Sponsored Program Services Request for Approval to Obtain Advanced Funds from OU Foundation” form to FS/Sponsored Program Services for review and approval to ensure that the advance is in accordance with the terms and conditions of the grant or contract.  For all approved requests, an agreement between the University and the OU Foundation will be prepared by FS/Sponsored Program Services.  It is not necessary for the President, Vice President, Provost or Dean to sign this agreement since their approval should have already been obtained on the request for advance. 

An “OU Foundation Payment Request” form must be prepared by Financial Services/Sponsored Program Services, with the check to be made payable to the requestor.  This request must be signed by the fund sponsors.  After the OU Foundation has processed the payment request, the check should then be sent to FS/Sponsored Program Services for transmittal to the requestor. 

METHODS OF REIMBURSEMENT

If the cash advance is for travel for a University employee, whether regular employee or an employee paid by temporary/special payment during the project, reimbursement should be made to the OU Foundation via assigned travel claims

TRAVEL REIMBURSEMENT:

All Departments (Except Grants and Contracts)

1.  In the “Assignment” box of the travel claim form, list the OU Foundation fund number to be reimbursed, and have the claimant sign on the appropriate line.

2.  Send a memo to the OU Foundation advising them that a travel claim has been processed.  Include the date, OU Foundation fund number, employee name and amount.

Grants and Contracts Departments

1.  Same as above.

2.  For Grants and Contracts (XX5) departments, the travel claim form should be sent to Financial Services /Sponsored Program Services for approval.  Financial Services/Sponsored Program Services will then forward the travel claim to Financial Services for payment.  The check will be returned to Financial Services/Sponsored Program Services, who will then send the check with the Deposit Request to the OU Foundation.

OU FOUNDATION REIMBURSEMENT FOR EXPENSES OTHER THAN TRAVEL:

All Departments (Except Grants and Contracts)

When funds advanced by the OU Foundation are used for cash purchases other than travel, a memorandum should be sent to the OU Foundation requesting a billing to the appropriate University department for the total amount of the expense.  The following information must be included in the memo:

1.  Foundation fund number to receive reimbursement
2.  P.O. number (if applicable)
3.  Total amount of expense

If supplies and/or equipment are purchased, a requisition is required if such expenses are expected to be more than $5,000.  If equipment is purchased, all normal University and awarding agency policies should be followed, including tagging.  If equipment is purchased and used off-campus, tags must be obtained and mailed to the remote location.

Grants and Contracts Departments

For Grants and Contracts (XX5) departments, a memorandum should be sent with receipts to Financial Services/Sponsored Program Services to verify that the cash purchases meet the requirement of the grant or contract.  Financial Services/Sponsored Program Services will then request a billing from the OU Foundation and use the receipts as backup.  If equipment is purchased, all normal University and awarding agency policies should be followed, including tagging.  If equipment is purchased and used off-campus, tags must be obtained and mailed to the remote location.

REIMBURSEMENT BY OTHER METHODS SUCH AS CASH, PERSONAL CHECKS, TRAVELER’S CHECKS, ETC.:

All Departments (Except Grants and Contracts)

Personal checks are to be made payable to the OU Foundation and may be sent via Central Mail with a completed “Deposit Request” including the Foundation fund number and name. 

Traveler’s checks and cash should not be mailed.  The traveler’s checks must be signed. Both should be delivered to the OU Foundation with a Deposit Request.  The OU Foundation will stamp their name as payee.

Grants and Contracts Departments

Personal checks are to be made payable to the OU Foundation and sent to Financial Services/Sponsored Program Services.  Financial Services/Sponsored Program Services will then complete the Deposit Request and send it with the check to the OU Foundation. 

Cash and traveler’s checks must be hand delivered to Financial Services/Sponsored Program Services.  Financial Services/Sponsored Program Services will then complete the Deposit Request and hand deliver with the cash or traveler’s checks to the OU Foundation.

Questions concerning these procedures with respect to a XX5 department should be directed to Financial Services/Sponsored Program Services.  All other sponsors should direct their questions regarding the procedures to Financial Services.