Can a foundation hold a raffle?
The NC General Statutes allows two raffles per year for each tax-exempt non-profit organization (i.e. for each foundation), with several...
Foundation Projects
-
-
Can an endowment spend corpus?
An endowment can spend up to 15% of corpus, unless the gift instrument specifies otherwise. Detailed information can be found... -
Can donors split an endowment gift between the Sustainable Responsible Impact (SRI) Fund and the NC State Investment Fund (NCSIF)?
Splitting an endowment between the two investment funds is not permissible. There is no reporting system available to combine data... -
Can FAI pay invoices using a ledger 7 project?
No, Foundations Accounting & Investments (FAI) only has the ability to pay out of a ledger 6 (Foundation) project. All... -
Can honoraria for speaking engagements by state employees be deposited into a foundation?
No, given state guidelines, the foundation cannot deposit honoraria for speaking engagements by state employees that occur relative to the... -
Can I request a manual check or payment from a foundation?
In general, payments less than $5,000 from foundation accounts can and should be processed through the university’s established processes and... -
Can royalty income be received by a foundation?
Royalty income earned on patents or copyrights held by university faculty or staff may be designated to a university-related foundation... -
Can the Foundation hold a workshop?
Foundations may hold a workshop, however, in order to comply with the terms of the Operating Agreements between the Foundations... -
Can the Foundation hold an auction?
Foundations may hold an auction that is clearly advertised as sponsored by the Foundation and not NC State University. The... -
How are endowment spending budgets calculated?
Programmatic spending will be 4.0% of the average market value per unit of the long-term investment pool for each NCSIF... -
How do I amend an existing gift agreement?
Changes to endowments for which the donor is no longer available (i.e. deceased) must be made under UPMIFA guidelines. Please... -
How do I change the responsible person on a Foundation fund?
Changes to a responsible person for a Foundation fund should be requested through the Chartfield Request system as a modification.... -
How do I direct a donor to make a gift via wire to a Foundation, the Alumni Association, or the University Endowment Fund?
Wire instructions for each Foundation, the Alumni Association, and the University Endowment Fund can be found in the Forms Section... -
How do I direct a supplier to make a payment via wire to Foundation or the Alumni Association?
Please reach out to your business office or FAI for wire instructions. An Other Income transmittal will need to be... -
How do I find the market value for an endowment?
It is important to note that the financial information included in the Wolfpack Reporting System (WRS) is at book value.... -
How do I find the market value of a split interest agreement?
For the market value of a split interest agreement, please contact Cheryl Yanik, Audit and Tax Accountant, at cbyanik@ncsu.edu. Read... -
How do I submit a Foundation check request?
In general, payments less than $5,000 from Foundation accounts can and should be processed through the University’s established processes and... -
How do I use Foundation Campus Reports?
FAI’s Foundation Campus Reports can be used to generate important financial information for multiple projects within a Foundation. Some of... -
How do I use Fundriver?
Fundriver is the software that FAI uses to provide a method of unitization for endowments invested in the NCSIF. Fundriver... -
How does someone donate shares of stock to a Foundation or the Alumni Association?
The easiest method for donating stock is via electronic transfer. Most Foundations, as well as the Alumni Association, have their... -
How is a Building to Endowment (BTE) fund different than a restricted fund?
A BTE fund is a type of restricted fund. The main difference between a BTE fund and a regular restricted... -
How should vendors address invoices due and payable from a Foundation or other Associated Entity?
The invoice should be issued to the Foundation or Associated Entity, not to the University or a specific college or... -
If a donor selects the Sustainable Responsible Impact (SRI) Fund, can I later request that the endowment be moved to the NC State Investment Fund (NCSIF)? Or vice versa?
An initial endowment investment decision is permanent and cannot be changed at a later date. Changes would subject an endowment... -
In what Environmental, Social and Governance (ESG) areas does the Sustainable Responsible Impact (SRI) Fund focus?
Environmental Issues Climate change Waste management Pollution management Water supply Transportation Sustainability best practices Environmental policy Social Issues Working conditions... -
Is sales tax required on a Foundation or Endowment Fund invoice?
In accordance with G.S. 105-164.13(34), sales of items by a nonprofit civic, charitable, educational, scientific, or literary organization are exempt... -
Once a Foundation project/fund becomes inactive, can it be re-activated?
FAI can re-activate an inactive project. Project numbers cannot be re-used so the project is always in the system. To... -
What are the minimum funding levels for endowments? How can I obtain an exception?
Endowment minimums are set by University Advancement and vary based on the type of endowment. Any exceptions to endowment funding... -
What determines which legal entity to use when setting up a new fund?
The entity in which gifts must be recorded is generally determined by how the check is made payable, unless adequate... -
What does the account code description mean on a Foundation transaction?
Although the University’s accounting system (Financials) is used to record Foundation accounting activities, the Foundations are separate legal entities that... -
What endowment can be invested in the NC State Investment Fund (NCSIF)?
Any endowment held by the associated entities that support the University and in the NC Statement Endowment Fund can be...