Fund allocations

Purpose

The purpose of this policy is to ensure that documentation of disbursements would pass an audit by the Internal Revenue Service (IRS).

Policy

  1. Program managers of the University may be granted funds if they:
    1. currently comply with all terms of their authorisations,
    2. currently comply with relevant WU standards,
    3. have no outstanding debts to WU, and
    4. have funds (already or prospective) donated to WU that are designated for their particular program.
  2. Funds may only be used for costs directly incurred in providing WU training and education programs.
  3. WU retains the right to determine how funds are to be used.
  4. To be eligible for a disbursement of funds, the program manager must submit a proposal to WU specifying:
    1. agreement to comply with this policy,
    2. the nature and purpose of proposed expenditure,
    3. a timeframe for expenditures, which may not exceed one year in total.
  5. Auspicees may make up to one amendment to a proposal.
  6. When a proposal refers to activities outside the U.S.A., WU will check the Office of Foreign Assets Control (OFAC) list of Specially Designated Nationals and Blocked Persons for names of individuals and entities with whom we are dealing to determine whether or not they are on the list.
  7. Disbursements will not exceed the amount of donated funds that are designated for the use of the particular program.
  8. WU shall issue tax deductible receipts to donors.
  9. At least every three months while the auspicee is implementing the proposal, the auspicee shall submit reciepts and other auditable source documents from that period.
  10. After funds have been expended, the auspicee shall submit an acquittal statement to WU certifying that funds were spent according to the proposal, itemizing expenditures compared to the proposal, and enclosing all remaining reciepts and other auditable source documents.
  11. If funds are not used according to the proposal, the program manager must return them to the WU fund immediately upon WU's request.
  12. WU retains the right to conduct audits of all expenditures at any time.