The University of Georgia Foundation Authority, Responsibilities, and Duties :: Financial Accounting, Budgeting, and Reporting :: UGA Foundation

 


Authority, Responsibilities, and Duties

POLICY: 7.1
Effective Date: 01/01/2004
Last Updated: 12/13/2011
Policy Owner: McAllister, Maggie

The Chief Financial Officer (CFO) has custody of all the funds and securities of the University of Georgia Foundation. The CFO is responsible for:

  • The installation and administrative direction of all accounting records and procedures and the preparation of all external and internal financial reports related to the University of Georgia Foundation
  • Giving, in the name of the Foundation, receipts of all funds and securities received by the University of Georgia Foundation from any source
  • The examination of all claims and demands against the Foundation and for ensuring the availability of funds allocated for such payments
  • The review and preparation of appropriate trust documents in conjunction with prospective donors.

The CFO will assist the Executive Director of the University of Georgia Foundation in fulfilling his/her responsibilities to the Foundation's Executive Committee and Board.

The CFO will assist the Chair of the Foundation's Finance Committee and Treasurer in carrying out the wishes of the Board of the University of Georgia Foundation.

The CFO will assist the Foundation's Treasurer and Executive Director in the administrative development, preparation, maintenance, and fiscal control of University of Georgia Foundation budgets.


The CFO will provide periodic reports to the Treasurer and Board of the University of Georgia Foundation.

The CFO is authorized to review and approve all disbursement requests for expenditure of Foundation funds. The Executive Director of the University of Georgia Foundation is authorized to sign all checks against the funds deposited in the name of the University of Georgia Foundation.

The CFO is authorized to transact business with banking institutions for the University of Georgia Foundation.

The CFO is authorized to transfer funds and invest funds as authorized by the Foundation's Investment Committee and prepare performance reports for internal and external use.

Each year, the CFO is responsible for the coordination of the Foundation's audit with external auditors. The CFO will work with the Finance Committee to recommend to the Foundation's Board of Trustees an independent accounting firm to engage for the audit of the financial records of the Foundation and to prepare the necessary income tax returns.