The Monthly Ledger
A publication by the USM Foundation's Business Office
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9/1: Labor Day

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Bill Wojcik was recently promoted to Chief Operating Officer. Bill will continue to manage the business services staff and provide leadership and expertise to other affiliated foundations across the USM. He will also lead efforts to identify and minimize ongoing enterprise risk management issues, continue to improve our use of technology to benefit our constituents, and lead strategic efforts to ensure that our outside business relationships are beneficial, effective, and efficient, and that we use our resources wisely. 

August 14, 2014
What's New!


A Refresher on our Policies and Procedures


We recently completed an internal audit focused on the supporting documents that are submitted with disbursement request forms. We wanted to ensure that we were appropriately adhering to our policies regarding Payments to Vendors for Goods and Services. While we wait for the auditor's report and recommendations, we thought this might be an opportune time to revisit these polices with you.


First, we'd like to remind you that all of our Policies and Procedures can be found on our website. Those policies specific to Payments to Vendors for Goods and Services can be found hereThese policies are meant to be used specifically when requesting payment from the USM Foundation directly to the vendor. If we are reimbursing a campus account for these types of expenditures, please be mindful of your campus' policies.


Some key points:

  • In order to process a disbursement request where the total payment to the vendor will be $5,000 or greater, the USM Foundation requires a written contract to be completed, reviewed, and signed by both parties prior to the services being performed or the goods being shipped.
  • For service agreements with individuals, an Independent Contractor Agreement must be completed and signed. A template for this agreement can be found here.
  • When goods or services to be purchased are $25,000 or greater, quotes from at least two vendors should be obtained and submitted with the Disbursement Request Form.
  • If only one quote is obtained for purchases of $25,000 or greater, then an explanation as to why a sole source was used must be provided with the disbursement request.
  • For equipment purchases, all of the above requirements apply. In addition, a completed and signed Inventory Control Form must be submitted along with the Disbursement Request Form for all equipment/furnishing purchases over $1,000 and for all purchases of computers, regardless of cost.
  • For all new vendors, a W-9 form must be completed and submitted with the Disbursement Request Form.

One of the issues that came out of the audit was that we have a number of long-term, on-going relationships with various vendors that are not following these guidelines. We will be issuing new policies in the coming months for dealing with these situations that will probably revolve around a periodic Request for Proposal (RFP) process or restatement of the sole sourcing justification for these relationships. We will announce these changes through the newsletter in the next few months.


If you have any questions please complete a support request form or e-mail us.