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Gift SpeedType Setup & Maintenance

effective date: 03/01/13

This sets forth procedures to ensure that all gift monies received by the University or a supporting foundation are properly assigned to a SpeedType, that such Gift SpeedTypes are properly maintained, and that individuals assigned fiscal roles on these Gift SpeedTypes are fully trained in their appropriate use.

Procedural Statement

Establishing and Monitoring Gift SpeedTypes

Linking CU Fund 34 SpeedTypes to CUF Funds

Gift monies may be received by the University of Colorado (CU) or by the University of Colorado Foundation (CUF). Upon receipt of new gift monies, the recipient evaluates donor restrictions to determine if these match an existing Gift SpeedType. If a match exists, the recipient deposits the monies in accordance with the Cash Control procedures in the Accounting Handbook. If a match does not exist, the recipient requests the establishment of a new Gift SpeedType, using the Gift Fund (GF) form and following the procedures described below.

Upon receiving the funds, the recipient completes Section I (Gift Information) and Section II (Organizational Unit Information) on the GF form. If the recipient is a CU organizational unit, the recipient then routes the GF form to the CU Treasurer for completion of Section IV (Direct Gift to University). The Treasurer completes Section IV and routes the form to the appropriate campus controller.

If the recipient is CUF, the recipient also completes Section III (Foundation Fund Setup). If this is a new fund that allows alcohol purchases, CUF notifies the CU Treasurer. CUF then routes the GF form to the appropriate campus controller.

When the CUF Fund information is available in the Finance System, the campus controller’s office creates the SpeedType in the Finance System and completes Section V (University Fund 34 FOPPS and SpeedType Setup) on the GF form.

Responsible individuals must be identified for every gift. This is accomplished through the assignment of fiscal roles in the Finance System. The Finance System will accept any individual for a fiscal role, however, the system will not load approval capability for gift fund SpeedTypes in the Marketplace or the Concur Travel & Expense System unless that individual has completed the mandatory training.

When a Gift SpeedType is created, inactivated, or activated, the Finance System emails notification to the SpeedType’s fiscal role-holders, the appropriate campus controller’s office, the University Treasurer’s office, the Office of University Controller (OUC), and the CUF accounting office.

CUF provides OUC with lists of newly created funds that are still unlinked. Working in conjunction with the appropriate campus controller’s office, OUC monitors these lists against internal records to ensure that all CUF funds can be linked and communicates to the appropriate campus controller’s office.

Assigning and Matching Gift SpeedType Attributes

Every Gift SpeedType is assigned certain attributes to help clarify donor restrictions; these are the Gift Purpose Description, Gift Purpose Codes, and Expense Purpose Code. Individuals responsible for spending gift monies should be familiar with the gift donation documentation in addition to the gift attributes, to assure that they have a complete understanding of donor restrictions. Referring to the gift agreement is especially important for any Gift Purpose Code 1 that begins with the letter O (Other).

The Gift Purpose Description is assigned by either the CU Treasurer or CUF, depending on whether CU or CUF received the gift. This is a concise narrative of the donor’s restrictions on the monies.
Gift Purpose Codes 1 and 2 are assigned by the CU Treasurer or CUF, depending on whether CU or CUF received the gift:

Gift Purpose Code 1 describes the donor restriction category (e.g., faculty compensation, scholarships, building) using the attribute values available at Gift Attributes on SpeedType.
Gift Purpose Code 2 indicates (by a Yes or No value) if the gift monies may be used for entertainment, donor cultivation, or personnel recruitment purposes, in accordance with the APS Alcoholic Beverages Purchased for University Events.

The Expense Purpose Code is assigned by the appropriate campus controller’s office. It describes National Association of College and University Business Officers (NACUBO) functions for university reporting purposes using the attribute values available at Expense Purpose Codes.
When a Gift SpeedType is linked, the Finance System populates information - including the Gift Purpose Codes, description, and available balance - from the CUF system into the University’s Finance System.

If there are changes to the Gift Purpose, the attribute “Other Comments” must be used by the CU Treasurer or CUF to document the reason for the change. If the gift purpose changes to the extent that an incompatible match is created between CUF Gift Purpose Code and CU Expense Purpose Code, the Finance System automatically inactivates the CU SpeedType and records “due to the Gift Purpose Code change" in the “Other Comments” attribute. Upon receipt of these notifications, OUC works with the appropriate campus controller’s office to create a new Gift SpeedType (with a new Expense Purpose Code to match the new Gift Purpose Code) and notifies the organizational unit of the SpeedType change.

Monitoring Unlinked CU Foundation Funds

CU and CUF review unlinked CUF funds to identify why they remain unlinked and who is responsible for the next step in resolution. (For example, CUF may need to work with the donor to clarify or modify gift purpose restrictions.) To accomplish this, CU and CUF maintain and monitor a report of unlinked funds.

There are two levels of monitoring for unlinked gift funds:
Controller Group - This group is primarily comprised of the CU and CUF controllers. This group is also responsible for the design and execution of the monitoring process.
CUF Liaison Group - This group is primarily comprised of certain CU and CUF Vice President/Vice Chancellors. At monthly meetings, this group monitors designated performance metrics related to the unlinked gift funds. This group provides guidance to the Controller Group, above, regarding the design and execution of the monitoring process.

Prioritizing the Resolution of Unlinked Funds

CU and CUF have agreed on a systematic approach to resolving the list of unlinked accounts by assigning priority according to the fund amount or fund type:
Accounts over $100,000
Accounts over $50,000
Unrestricted and Scholarship-restricted accounts over $10,000
Accounts over $10,000

Unlinked Account Monitoring Process

CUF has assumed responsibility for resolving unlinked accounts of $10,000 and less. CU (OUC) has assumed responsibility for resolving unlinked accounts that exceed $10,000. Accordingly, CUF provides OUC with a monthly listing of such accounts.

OUC creates and maintains a log of this information. Each month, OUC distributes portions of the log to the appropriate campus controller’s office and identifies a deadline for their resolution. Typically, the deadline is 60 days from log distribution, however, deadlines may be extended due to competing university priorities and activities at the time.

Each log contains the information extracted from the CUF system (items a-k, above) along with two additional columns preceding the CUF data (SpeedType and SpeedType Created) and one additional column following the CUF data (Notes). These three columns are filled in by the campus controller’s office as part of the monitoring process. The Notes column is used by the campus controller to explain why an account cannot be immediately linked; comments in this column should clearly identify who is responsible for the next step in resolution. Furthermore, the campus controller notifies that responsible party to ensure understanding and agreement on the process and on the anticipated timeframe for resolution. This contact, and the timeframe, are also highlighted in the Notes. (Longer timeframes are expected for resolving issues that may involve legal processes.)

After each 60-day (or other established) deadline, OUC shares the updated logs with CUF and reviews any still-unresolved accounts, documented next steps, and expected timeframes. Any concerns are conveyed to the designated responsible parties.

Mandatory Gift Fund Training

All individuals with fiscal roles on Gift (Fund 34) SpeedTypes are required to complete gift fund management training. This training requirement does not apply to gifts received from a blended component (e.g., University Physicians Inc, or UPI) when such gift monies are part of a contract.

OUC and Campus Controller Roles and Responsibilities

The Office of University Controller (OUC) and the various campus controller’s offices work together to ensure that gift fund training takes place and that procedures are followed.

OUC responsibilities:

Maintain the gift fund management training course and related training materials.

Identify individuals who have not completed the mandatory training. Notify these persons of the training requirement and of the deadline to complete it.

Maintain a fiscal role database query, with semiannual updates. This query identifies all individuals with fiscal roles (other than Org Officer) on Gift SpeedTypes. Notify the appropriate campus controller’s offices of untrained fiscal role holders.

Work with the campus controller’s offices, CU Treasurer, and CUF to maintain Expense Purpose Code attributes and Gift Purpose Code attributes and rules. Maintain Finance System processes related to these attributes and rules.

Maintain the Finance System process that notifies all individuals with relevant fiscal roles, along with the appropriate campus controller’s office, of Gift SpeedType activations and inactivations.

Maintain the Finance System processes that interface with procurement systems (Marketplace, Concur Expense) to identify individuals authorized to approve transactions using gift funds.

Maintain the Finance System process that daily interfaces with CUF to obtain the required information about gift funds.

Work with the campus controller’s offices, CU Treasurer, and CUF regarding Expense Purpose Code and Gift Purpose Code assignments that are questioned during a review, audit, or other monitoring process.

Campus controller’s office responsibilities:

Work with organizational units to ensure appropriate individuals are assigned fiscal roles.

Ensure completion of training by individuals who hold fiscal roles on new Gift SpeedTypes before activating those SpeedTypes.

Work with employees on identifying and understanding their fiscal roles and the associated training requirements and other responsibilities.

Work with the OUC, CU Treasurer, and CUF to maintain Expense Purpose Code and Gift Purpose Code assignments that are questioned during a review, audit, or other monitoring process.

Exceptions

Unless approved by the Assistant Vice President/University Controller, there are no exceptions to this procedural statement.

Related Administrative Policy Statements (APS) and Other Policies and Procedures

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