What Control Is Exercised Over Disbursements?
The Foundation is limited by both state and federal law concerning how the funds it receives may be expended. The Foundation’s Certificate of Incorporation also provides limitations, consistent with federal requirements, on how the Foundation’s net earnings may be distributed. Under state statute, no officer or employee of the University may receive a salary, fee, loan or any compensation or other thing of value from the Foundation, or withdraw funds from a Foundation account for any purpose, without the written approval of the University President. The University Board of Trustees has approved a policy entitled “Policies Regarding Financial Transactions with The University of Connecticut Foundation, Inc.” The University and the Foundation have jointly established these policies to promote and ensure that disbursements from Foundation funds: are properly authorized in the context of C.G.S. Sec. 4-37e et. seq., are reasonable business expenses within the context of the Internal Revenue
