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Policy

1. All revenues generated from the sale or the operation of a University sponsored activity or service shall be transmitted to the State Treasury for deposit on a weekly basis.
2. Revenues generated from donations to the University of Wisconsin-River Falls Foundation shall be deposited into the Foundation.
3. The Foundation will also act as a local caretaker of local agency accounts that are not required to be deposited in the State Treasury. Agency accounts could include student clubs and other local non-University sponsored programs.
4. The University’s controller should be consulted in all cases if there is a question as to the appropriate depository for revenues (State Treasury or Foundation).

Authority

The UW-River Falls Chancellor issues this policy in accordance with the Administrative Policy process.
The VCAF is responsible for the administration of this policy. Request an exception to this policy by writing to administrative-policy@uwrf.edu.

Sanctions and Appeals Process

Failure to adhere to the provisions of this policy may result in appropriate disciplinary action as provided under existing procedures applicable to students, faculty, and staff, and/or civil or criminal prosecution.

Procedure

1. Foundation personnel will consult with the University Controller if there is any question as to whether a new source of revenue is an appropriate Foundation account.

University Responsibilities

University of Wisconsin-River Falls Foundation President
Vice Chancellor for Administration and Finance
Controller

Department/Unit Responsibilities

Foundation personnel in consultation with the University Controller will determine if any new questionable sources of revenue should appropriately be deposited into the Foundation.

Background

1. Statutes:
   
   20.906(1) Receipts & Deposits of Money – Unless otherwise provided by law, all monies collected or received by any State agency for or in behalf of the State or which is required by law to be turned into the State Treasury shall be deposited in or transmitted to the State Treasury at least once a week and also at other times as required by the Governor or the State Treasurer and shall be accompanied by a statement in such form as the Treasurer may prescribe showing the amount of such collection and from whom and for what purpose or on what account the same was received. All monies paid into the treasury shall be credited to the general purpose revenues of the general fund unless otherwise specifically provided by law.
   
   20.906(4) Penalties- If any State agency fails to make sure deposits of money or to make such reports as are required by this section, the Department of Administration, with approval of the Governor, shall withhold all monies due such State agency until this section is compiled with; and upon such failure to make sure deposits of money, the officer or employee so failing shall be liable to the State Treasurer for an amount equal to the interest upon the monies so withheld from deposit at the same rate as that received by the State upon monies held in the State investment fund for the period for which such deposit is withheld; and such interest shall be a charge against the officer or employee and shall be deducted from his/her compensation.
   
   
2. Past Practice - The University did not have a written policy regarding University-Foundation relationships but did periodically consult with each other regarding the appropriateness of the Foundation accounts.

Contact

Please direct questions about this policy to administrative-policy@uwrf.edu.