Sent on behalf of Brent Goldberg, Vice Chancellor for Finance and Administration:
The Fiscal Policy team has issued a new fiscal policy,
FI0436 -- Sponsorship of External Non-Profit Organizations. The key concepts in the policy are:
- The University may not make financial donations to non-profit organizations (but it may make sponsorship commitments). The difference being that, with
a donation, the University would receive nothing in return from the non-profit. See Section 1, sub-section II (A) (1). Whether UT may make a donation is a very common question.
- The policy contains a GL code number that departments need to use to classify sponsorships of non-profit organizations. Classifying these expenses properly
will help the University when it comes to filing federal tax returns. See Section 4.
Brent Goldberg, CPA, CGFM | Vice Chancellor
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Finance & Administration The University of Tennessee at Chattanooga 103 Founders Hall, Dept. 5505 615 McCallie Avenue Chattanooga TN 37403-2598 Office (423) 425-4393 | Cell (423) 298-5971 |
