Bank and Investment Accounts
There are a number of not-for-profit foundations that are affiliated with NDSU, such as the NDSU Development Foundation, NDSU Research Foundation, NDSU Research and Technology Park, and NDSU Teammakers. These foundations may internally designate monies for use by NDSU departments.
It is recommended that NDSU departments process their expenditures through funds on the university’s books, rather than the separate foundation.
Monies held by an affiliated foundation that are to finance an NDSU department’s expenditures should be transferred from the foundation to NDSU. Departments would need to request this transfer. When the monies are deposited in NDSU’s Customer Account Services department they should generally be coded with a revenue Oracle/PeopleSoft account number depending on the original source of the revenue. The most common account codes are as follows:
- Account 478007 (Gifts from Related Foundations)
- Account 478015 (Capital Gifts from Related Foundations)
- Account 472040 (Royalties)
There may be some instances where it is more appropriate to expend the Foundation monies through the Foundation’s books. This may be more appropriate due to legal or policy compliance reasons. For example, since alcoholic beverages may not be paid for from university funds, private foundation funds may be used, upon approval of the Foundation.