Athletics Business Office: Foundation

Policy Number: 400-2

Last Updated: 2/25/2020

Policy Title: Miscellaneous - JMU Foundation

Administrative Contact & Phone: Athletic Business Office: 568-3829 or 568-2367

JMU Contact & Phone: Foundation Program Manager: 568-3297

POLICY: This policy governs processing of authorized expenditures from the JMU Athletic Foundation accounts. Athletics has an annual budget for several accounts which is approved annually by the President and the Foundation. All expenditures are processed and approved according to Foundation guidelines which can be located in the above website. The Foundation requires two Administrators to authorize payments. The Assistant AD for Business and Finance and the Deputy Director of Athletics have signature authority as the account guardian. The Athletics Director and Sr. VP Administration and Finance have signature authority as the guardian’s supervisor.

BACKGROUND: The James Madison University Foundation, Inc., a 501(c) 3 organization, was chartered in 1969 for the purpose of raising, investing and administering private gift funds for the benefit of James Madison University.

PURPOSE: To provide a reference for Foundation information and procedures for payments and deposits.

DOCUMENTS: Foundation forms location: JMU Foundation (Select the Forms tab on the left, where you will be prompted to enter your e-ID and password--Foundation Forms are login-protected).

PROCEDURES:

Payments

Foundation Payment Vouchers are completed by the requestor, signed by his or her supervisor, and forwarded to the ABO for approval. The Admin Assistant for the requesting Sports Program should make a copy of all backup documentaiton prior to forwarding the request to the ABO. The ABO will collect the necessary signatures. Once approved, the ABO sends vouchers to the Foundation or to the Sr. VP Administration and Finance, if his signature is needed. Once all signatures are obtained, the ABO will forward the original documents to the Foundation and will send a copy of the actual voucher (minus the backup documentation) to the applicable Admin Assistant for their records.

Deposits

1) Sports Program fills out the Support Your Dukes Card with all sponsor and solicitor information, making sure the sport and amount donated are clearly noted. 2) Attach check/cash/credit card information to the form and bring it to the ABO Athletics Business Manager. Donations must be delivered to the ABO within one business day of receipt. 3) ABO makes a copy of the front page of the Foundation Voucher, bearing all signatures, and sends the copy to the applicable Admin Assistant for the Sports Program. 4) ABO sends original card with check or cash to the JMU Foundation for deposit.