The USM Foundation may accept the proceeds from sales of tangible merchandise, books, tapes, wreaths, sweatshirts, etc.  The USM Foundation must be notified prior to the sale. 

Note: All sales within the state of Maryland are subject to 6% sales tax, and may additionally be subject to Unrelated Business Income Tax (UBIT). Sales tax is paid as required by law and charged to each account accordingly. 

When submitting the Non-Gift Revenue Form from sales proceeds use the GL Code 4250 (Sales Taxable) on the form.

When the item(s) to be sold is purchased and the Disbursement Request is submitted for payment, use the GL Code 4253 (Cost of Goods Sold) on the request form.

 

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Our Vision

Our vision is to attract broad resources that transform the USM and its institutions, create a network of advocates to embrace the USM’s role as an educator and economic engine, and to grow a long-term, sustainable culture of philanthropy across the University System of Maryland.

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