Office of Institutional Advancement must retain copies of the KSU Foundation Disbursement Request Form, supporting documentation, and any other related records for future reference and audit purposes.

For disbursements requested to be made payable to the University President, prior approval must be granted by the Chair of the University's Board of Regents. The KSU Foundation Disbursement Request Form will be reviewed to form by the Office of the General Counsel and signed by the Chair of the University's Board of Regents.

DISBURSEMENT LIMITS AND DONOR RESTRICTIONS:

Disbursements shall adhere to any applicable legal or regulatory requirements.

Special restrictions may apply to specific funds, grants, or donations, as stipulated by donors or granting agencies. Authorized personnel must comply with these restrictions when making disbursements. If there are no restrictions on an account signed by the Funder or in an official funding document, the Foundation shall deem the account Unrestricted. The University President or their designee must grant prior approval for expenditures from Unrestricted Accounts. Copies of all official funding documents must be on file and maintained at both the Foundation and the University.

VERIFICATION AND RECONCILIATION:

The Foundation shall implement appropriate verification and reconciliation processes to ensure the accuracy and integrity of all disbursed transactions.

Regular reviews and audits of disbursement records shall be conducted at least quarterly to detect any discrepancies, errors, or potentially fraudulent activities. Any identified issues shall be addressed promptly and reported to the University's Board of Regents, the Foundation's Board of Directors, and appropriate authorities.

All disbursements from the Foundation must be accurately recorded in the University's and the Foundation's financial records, adhering to the University's accounting principles and guidelines.

RELATED POLICIES/DOCUMENTS:

Gift Acceptance and Donor Recognition Policy

Policy on Deposits to the Foundation

Foundation and University Memorandum of Understanding

STATUTORY OR REGULATORY REFERENCES:

KRS 164A.550 to KRS 164A.630

KRS 273.600 to 273.645