Consistent with good stewardship, department heads must account for foundation funds transferred into their departments or programs, expend those funds in accordance with donor's wishes and provide the foundation with necessary documents on a timely basis regarding fund use.
- The foundation officer will periodically review the account balances to confirm that they are within an acceptable range.
- If the account balance is excessive, the foundation officer may require an action plan.
- The unit will prepare an action plan for spending down the balance to an acceptable range. This plan must be forwarded to the foundation officer for review and approval.
- University of Minnesota Internal Auditors also monitor the use of gifts.