An IRS form required for all Foundation employees as part of the new hire packet which verifies an employee’s eligibility to work in the United States.
An individual performing services for the benefit of a campus unit or program who is not by common law or IRS regulation considered an employee. There is a long list of considerations outlined in the 20 questions section of the Policy and Procedure Guide to help differentiate an independent contractor from an employee. If it is determined that an independent contractor relationship will exist then an Independent Contractor Agreement must be completed and signed before any work can begin.
Institutional Assessment Fee
This is the annual fee that supports Advancement Office activity at each campus.
Term used to describe the commitment of money or capital for the purchase of financial instruments or other assets so as to gain profitable returns in the form of interest, income (dividends), or appreciation (capital gain) of the value of the investment. The Foundation invests its holdings to generate income and growth via a variety of financial instruments.
Investment Manager Fees
Endowed funds are invested with a variety of Fund Managers. Each Fund Manager has its own fee schedule. The endowment pool pays fees to fund managers monthly. The total fees from all fund managers are allocated monthly to each account based on the account’s share of the endowment pool. This fee covers the cost of investing with the Fund Managers.
Investment Service Fee
This annual fee supports the budget of the USM Foundation’s Investment Office.
A document issued by a seller to a buyer, indicating products, quantities, agreed upon pricing, and payment terms for goods or services the seller has provided the buyer. An invoice from a vendor may be used as supporting documentation with a Disbursement Request Form to pay a vendor or reimburse an individual or a campus account. An invoice can also be sent from the USM Foundation or campus unit on behalf of the Foundation to bill an individual or organization for goods or services provided by the Foundation. This typically would be done for a non-gift transaction. An invoice should never be used to solicit a gift but may be used for a fundraising event that has both a gift and non-gift portion.