7.1.22 Foundation

Purpose

The Illinois State University Foundation ("Foundation") is a University-related, nonprofit corporation, organized under the laws of the State of Illinois. The purposes of the Foundation as stated in its bylaws, which can be found on the Foundation website (Article I, Section 4), are to:

• To help develop and increase educational opportunities and the facilities of Illinois State University for service to its students, alumni, citizens of the state of Illinois, and the nation by encouraging gifts and by other appropriate means that seem beneficial. 
• To receive, hold, and administer these gifts with the goal of serving the educational purposes of the University; to act as trustee of educational or charitable trusts, to administer gifts, grants, or loans of money or property, whether made by or for the benefit of public governmental bodies, state or national, or by or for the benefit of corporations or persons; to become a party to contracts, trust instruments, and agreements of any type or description, and to create or organize a trust, or the execution of the purposes of the trust. 
  The Foundation may acquire all properties, real and personal, transferred, assigned, or given by any and all person subject tot he right of the Foundation's Board of Directors to decline the gift or transfer. Provision for maintenance of the gift must be included in the gift unless this requirement is waived by the Board of Directors. 
• To consider other acts and endeavors that are in the interests and welfare of the University. 
• To invest any funds given to or entrusted to the Foundation if not prevented from such investments by the donor(s).  

The Foundation administers these gifts to ensure that the intent of the donor's gift and integrity of the agreement are properly exercised.

Payments made by the Foundation

The bylaws of the Illinois State University Foundation requires Foundation funds to be administered "with the primary objective of serving the educational purposes of the University."

Consistent with good stewardship, deans, department heads, center directors, and all those with budget officer responsibility must account for Foundation gift funds available to the University, college, departments or programs, and expand those funds in accordance with donor intent and provide the Foundation with necessary documents regarding fund use as requested. 

Vouchers are processed regularly. 

Budget Officers are responsible for the accuracy and validity of expenditures from their managed gift funds. To ensure compliance with federal and state regulations, and the donor's charitable intent, the Foundation may return unpaid vouchers to the budget officer when additional information is needed or when reimbursement requests are not in alignment with the IRS, ISU, or the donor's intent. 

View forms to process payment utilizing Foundation gift funds. The forms are reviewed regularly and updated as needed. 

The Foundation is exempt from Illinois state sales tax. It is the responsibility of any purchaser who wishes to be reimbursed by the Foundation to provide the vendor with the ISU Foundation's tax exemption documentation. 

The Foundation is not subject to the Illinois Procurement Code or ISU purchasing policies and procedures when making purchases for its own use; however, departments making purchases from funds held on their behalf by the Foundation are NOT exempt from these requirements and must follow the Illinois Procurement Code and standard ISU purchasing policies and procedures. Please refer to http://purchasing.illinoisstate.edu/ for additional information.

Links

Illinois State University Foundation