Office of the University Auditor AUDIT GUIDANCE - CAMPUS-RELATED FOUNDATIONS Updated: April 17, 2018 Overview This Audit Guidance, along with the SUNY Foundations support and promote the activities and programs of SUNY Campus-Related campuses by providing a variety of activities such as support, advice and Foundation Guidelines, counsel regarding fundraising, gift and grant management; developing and should be used to managing real property; and providing a strong base of private-sector support. ensure the foundation’s Philanthropy provides financial aid and scholarships to students in need; internal controls are advances the campuses’ research and academic mission; and helps compete for adequate. student and faculty talent. Support provided by the foundations to SUNY have a lasting impact on students who receive scholarships, professors given new Useful Links: research tools, and students taught by highly ranked professors. Audit Guidance Campus Contract Foundations should monitor their campus contracts to ensure the contracts are renewed in a timely manner. Contracts should be amended to incorporate any changes between a foundation and its campus such as any new activities the foundation is providing on behalf of the campus. Governance Foundation boards should meet regularly and maintain minutes showing the items discussed and actions taken. The board should approve the foundation’s strategic plan, annual budget, periodic fiscal reports, audited financial statements, and certain expenditures. Foundations should ensure that a quorum is present prior to taking any action. Foundations should ensure all members of the board have completed and signed an annual conflict of interest statement and update the statements if any conflicts arise during the fiscal year. Written Policies and Procedures Policies and procedures should be developed and kept current for all key business functions including cash receipts and disbursements, gift acceptance, spending, endowment funds management (including asset allocation, the Contact OUA with any selection of investment managers and the spending formula), investment questions, requests for management, procurement (including travel expenses and credit cards), payroll, an audit, or additional inventory, agency accounts, conflicts of interest and whistleblowers. information: State University Plaza Cash Controls Room N120 Albany, NY 12246 Foundations should contract for Positive Pay services with their banking institutions. Positive Pay provides security against check fraud by working with 518-320-1533 the bank to honor only those check number and amounts that are matched electronically and not honor checks that have been altered.
Office of the University Auditor AUDIT GUIDANCE - CAMPUS-RELATED FOUNDATIONS Updated: April 17, 2018 This Audit Guidance, along with the SUNY Campus-Related Foundation Guidelines, should be used to ensure the foundation’s internal controls are adequate. Useful Links: Contact OUA with any questions, requests for an audit, or additional information: State University Plaza Room N120 Albany, NY 12246 518-320-1533 Overview Foundations support and promote the activities and programs of SUNY campuses by providing a variety of activities such as support, advice and counsel regarding fundraising, gift and grant management; developing and managing real property; and providing a strong base of private-sector support. Philanthropy provides financial aid and scholarships to students in need; advances the campuses’ research and academic mission; and helps compete for student and faculty talent. Support provided by the foundations to SUNY have a lasting impact on students who receive scholarships, professors given new research tools, and students taught by highly ranked professors. Audit Guidance Campus Contract Foundations should monitor their campus contracts to ensure the contracts are renewed in a timely manner. Contracts should be amended to incorporate any changes between a foundation and its campus such as any new activities the foundation is providing on behalf of the campus. Governance Foundation boards should meet regularly and maintain minutes showing the items discussed and actions taken. The board should approve the foundation’s strategic plan, annual budget, periodic fiscal reports, audited financial statements, and certain expenditures. Foundations should ensure that a quorum is present prior to taking any action. Foundations should ensure all members of the board have completed and signed an annual conflict of interest statement and update the statements if any conflicts arise during the fiscal year. Written Policies and Procedures Policies and procedures should be developed and kept current for all key business functions including cash receipts and disbursements, gift acceptance, spending, endowment funds management (including asset allocation, the selection of investment managers and the spending formula), investment management, procurement (including travel expenses and credit cards), payroll, inventory, agency accounts, conflicts of interest and whistleblowers. Cash Controls Foundations should contract for Positive Pay services with their banking institutions. Positive Pay provides security against check fraud by working with the bank to honor only those check number and amounts that are matched electronically and not honor checks that have been altered.
Audit-Guidance_Campus-related-Foundations.docx