Foundation funds should be reconciled monthly, and reviewed by the department head or senior administrator as appropriate. VTF Banner access is available to all authorized users and inquiry users so that funds may be monitored. Refer to Section IX for information regarding various web reports that are available on the data warehouse to assist with review and monitoring of funds.

When endowed funds are established, the authorized users of the fund are provided with a copy of the fund agreement. This agreement details the donor intentions for the disbursement of the payout generated by the endowment. It is the responsibility of the authorized users to ensure that the payout from the endowment is used (disbursed or reinvested) in accordance with donor intent.

Also, the Zero Balance Report is sent out yearly in July to aid in reviewing inactive funds that may require termination.

There is a yearly authorized signature report distributed to each department to verify the current users are appropriate. This report is sent out yearly in September and the original is due back by October 15 each year.

Generally, any asset valued at $2,000 or more that is purchased with VTF funds (or donated to VTF) will be transferred to the university and included in the departmental fixed asset inventory. The following exceptions apply:

Computer Equipment: All computer equipment, regardless of value, will be transferred to the university and included in the university departmental fixed asset listing.

Livestock: All livestock, regardless of value, will be tagged as VTF assets and remain on the VTF asset inventory listings.

Vintage and Collectible Property: Certain donated and purchased goods are classified as “Vintage and Collectible Property”. These items include artwork, antique furnishings and clothing, history books, gemstones and minerals, and the “museum” type articles. These items are tagged as VTF assets.

For any assets that are tagged as VTF assets, the custodian of the asset must notify VTF Accounting of the following circumstances.

  1. If the asset is being transferred to another location or department the custodian must complete the Asset Transfer Report and forward the completed form to VTF Accounting within one week of the asset being transferred. This will allow VTF to have the correct information for inventory purposes.
  2. If the asset is being disposed of or sold, the custodian must complete the Asset Disposal Form and forward the completed form to VTF Accounting within one week of the disposal. This will allow VTF to remove the asset from the database and Banner in a timely manner.

Semiannually, VTF Accounting will send an inventory listing to each custodian. The custodian is responsible for performing the inventory verification and for notifying VTF Accounting immediately with any discrepancies. Also, on a rotating basis a physical inventory will be conducted. VTF strives to maintain the most accurate and up to date fixed asset listing possible, and custodians are expected to assist as needed.