The Monthly Ledger
A publication by the USM Foundation's Business Office
Contact Us! Request a special report or a report off-cycle
For general questions, informations, suggestions, or comments
To request a wire or ACH transfer or inform USMF of incoming funds

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Looking Ahead


During the first quarter of 2012, the Foundation plans to schedule educational training sessions for account administrators. If you have a specific need or topic you want addressed, please send us an e-mail. We want these sessions to be informative and to meet your needs.

Help Us Help You!
1. Please remember to use white paper when preparing DRFs and attachments. When colored paper is scanned into Financial Edge, it appears dark and is difficult to read.


2. No staples. Combine DRFs and documentation with paper clips, binder clips or rubber bands. This aids the scanning process.


3. If you want a document to be sent with a check, please send an extra copy of the document. This ensures one will go with the check and one will stay with the DRF.


4. Distribution of AP checks-please ensure your payee's address is correct. If the check comes back to the University, please include an envelope with your address.

Who We Are


Director of Business Operations



Accounting Associate -
 Accounts Payable



Bernadette Mannone

Accounting Associate - 

Gift Processing

301-445-2704 ______________________________ 


Dawn James

Administrative Assistant to the Vice President for Finance and CFO

301-445-2713 ______________________________ 


John Simcox

Staff Accountant and 

Payroll Administrator

301-445-2734 ______________________________ 


Kate Koyfman

Investments Staff Accountant

301-445-2706 ______________________________


  Linda Ringer

Client Relations Specialist

301-445-2717 ______________________________


Randy Possehl

Grants Coordinator and Staff Accountant Contracts

301-445-2710 ______________________________ 


Roy Hossler

Senior Executive Accountant

301-445-1949 ______________________________


Virginia (Ginger) Whelley

Assistant Comptroller

301-445-2726 ______________________________


Pam Purcell

Vice President of Finance and CFO, General Counsel 


March 15, 2012
Important Dates



3/19-3/20: Spring Break! The cut-off for DRFs will remain Thursday, March 15th at 1:30. Checks will be issued on Wednesday, March 21st. The courier will checks to UMBC on Friday, March 23rd.


3/19: Office open from 8am-4:30pm. Bill Wojcik, Kate Koyfman, Bernadette Mannone, and Anna Smith in office.


3/20: Office open from 8am-4:30pm. Bill Wojcik, Kate

Koyfman, Bernadette Mannone, John Simcox, and Anna Smith in office

What's New!


While not new, we'd like to renew your familiarity with our policy for Cash Disbursements - Employees. This policy specifically provides guidelines for payments to employees. The specifics are applicable whether an employee works for the state or the foundation.


The Foundation functions under an "Accountable Plan." The term "Accountable Plan," was developed by the IRS to set forth rules, define legitimate expense reimbursements and requires submission of original documentation. The Foundation's Accountable Plan can be viewed here.


It is a critical part of the Foundation's fiduciary responsibility to manage funds according to a donor's stated desire as well as meet generally accepted accounting principles.


Please pay particular attention to the areas highlighted below. In recent months we have seen a lack of adherence to policy. We'd like to draw your attention to these areas and advise you that the USM Foundation will be adhering strictly to our published guidelines and items in question will be returned.


Flowers and memorial contributions - the limit for expenditure in this category is $75, including delivery, taxes and other charges. It is acceptable to send flowers as an expression of sympathy or concern related to hospitalization of or a memorial for an employee and family (see policy for definition of family.) Memorial contributions to charitable organizations are also acceptable in lieu of flowers. Contributions/flowers for the purpose of congratulatory notices, birth of a child or wedding are not allowable.


Gift Certificates/Gift Cards - as defined by the IRS, are considered cash equivalents and therefore are taxable income to the employee or recipient. The USM Foundation cannot pay for cash equivalents. Requests of this nature will be returned.


Personal Gifts - Funds held by the USM Foundation should not be used to purchase per- sonal gifts, such as those for Secretary's Day, Boss' Day, a new baby, wedding, etc. These items provide a personal benefit to the recipient. Thus these are not expenditures made for a business purpose and violate the Foundation's Accountable Plan.


Staff Meetings, Luncheons, etc. - USM Foundation funds may be used to pay expenses for bona fide staff meetings, luncheons, etc. A clear and specific business purpose should be supplied along with a list of attendees. There are some situations that allow USM Foundation funds to be used for events related to retirement. Events such as these should be pre-approved by USM Foundation and authorized by the Dean or Vice President. The USM Foundation cannot pay for gifts. Reimbursements for birthday or other personal celebrations are not allowed.


If you have any questions about an item for reimbursement or disbursement, please do not hesitate to send an inquiry to us. As always your assistance is greatly appreciated.

Have You Ever Wondered...
About those fee charges you see on your projects? Fees, fees, and more fees! What do they all mean and what do they cover?

When you review your Non-Spendable Project Activity Reports, you'll see the different fees and may be wondering what they all are. Here's a breakdown:


Let's start with the first fee - Investment Fees. Endowment funds are invested with a variety of fund managers. Each fund manager has its own fee schedule. The total fees from all fund managers are allocated to each project based on that project's share of the endowment pool. The allocation method is called unitization and we will explain that in next month's newsletter. This fee covers the cost of investing with the fund managers.


Next is the Custodial Fee - this is the administrative fee from our bank. This fee is also allocated based on the unitization method and applied to each project. The bank may not provide an invoice each month and therefore you may not see this fee allocated every month.


Each endowment fund is assessed a fee by the foundation based on our current contract/agreement with the client. This is the Foundation's management fee. It appears in your statements as the Endowment Assessment Fee. This fee is used to fund the USM Foundation's budget for Business Services and Advancement and occurs annually per the terms of each client's contract/agreement.


The Investment Management Service Fee is also charged on an annual basis and the amount is determined by a client's contract/agreement with the USM Foundation. This supports the activity of the USM Foundation's Investment Office.


The last fee is the Institutional Assessment Fee - this fee supports Advancement Office activity at each campus and is charged annually. The amount is determined by a client's contract/agreement with the USM Foundation.