Protocol for Administration of Funds
Amounts awarded to support projects at the spring family board meeting each year must be used in the next fiscal year; beginning June 1; ending May 31. It will be the responsibility of the awardee to manage their award funds.
Any funds not used during that fiscal year will no longer be available to the projects. *Any unspent funds at the end of the fiscal year will be rolled back to the Family Projects Fund.
All awarded funds will be transferred from the Family Projects Fund gift account and placed into one University Designated account. Michele Wilson in the Controller’s Office will be responsible for administering the University Designated account and processing requisitions/invoices through the account.
Expenditure of approved Family Projects Proposal Funds must be based on the project’s awarded amount and be handled through normal purchasing procedures and the standard approval processes. The approved invoice or approved requisition with itemized receipt(s) should be submitted to Michele when funds are required to execute the projects. Using 'transaction attributes' for each funded project should allow all to track project expenses and determine the remaining balance by projects.
No project is allowed to request more funding than was originally awarded.
*Please note the exact amount of unspent Funds (if any) will not be known until May 31 so any roll over Funds cannot occur until that date. With that in mind, any unspent Funds will definitely be available for reallocation but maybe not in time for the "following year" award cycle.