The foundation was established to receive, manage and disburse private gifts in support of university programs. As a support entity of the university, the foundation must comply with certain applicable federal, state and university regulations to protect the donor´s tax exemption. To comply with these regulations, the university and foundation have established procedures that govern the receipt of funds by the foundation. University Administration Policy number 3630, entitled "Definition of Private Funds", governs funds deposited into the foundation. All disbursements made by the foundation on behalf of the university or any other entity are presently taxable.
Other income is sent to the foundation Accounting Office, located at 902 Prices Fork Road, Suite 4400, Mail Code 0172, along with a completed Other Income Deposit Form and any necessary supporting documentation. The fund holder should retain a copy for reference.
If goods or services are purchased from Virginia Tech Foundation, Inc. by a University Department and processed through Virginia Tech Foundation, Inc.´s eVA account, the associated eVA fees will be passed through to the Foundation account that received the other income deposit.
The following is a list of types of income that cannot be deposited in a foundation fund:
- Revenues from sales of services or products
- Deposits from conferences, workshops, symposiums or other continuing education events
- Funds related to memberships in organizations
- Funds for performances or concerts
- Reimbursement for expenses incurred from university sources
- Honorariums
- Tuition Fees
- Unrolled Coins
- Royalty Payments (unless the foundation is contractually obligated)
- Unsigned deposits that do not include a department contact name and phone number
- Departmental portion of VTIP royalty payments generated from the licensing of intellectual property
- Payments designated for/or to benefit Registered Student Organizations (RSO) and Extended Campus Student Organizations (ECSO)
- Raffle proceeds, as they are not considered a University Development approved fund raising activity
University procedures require that deposits, including reimbursements for sales or services rendered by university employees, or from the use of university resources, be deposited into a university account. Deposits of cash and checks should not be combined on the same Other Income Deposit form. They should be submitted separately using one Other Income Deposit form for the cash and another for the checks. Any cash deposits must be hand delivered to the foundation offices.
Funds that represent donations should be forwarded to Gift Accounting at 902 Prices Fork Road, Mail Code 0336. (The Other Income Deposit Form is NOT used for donations.) For questions about gift deposits, please call University Advancement Gift Accounting.
Questions concerning other income deposits to foundation funds should be directed to the Foundation Business Office at 231-2861.
Do not send deposits of any kind to the foundation´s Accounting Office.
