UMB Policy on Affiliated Foundations
IX-2.00(A) | External Relations | Approved July 15, 2002
Responsible VP/AVP: James L. Hughes, MBA
Applies to: Staff
Revision History
Revised July 15, 2002
Policy Statement
It is important to read this Policy on Affiliated Foundations carefully.
Of particular note is Section 4b, which relates to activities that attempt to influence legislation. These must be very carefully considered before any action is taken. Any support for political campaigns or candidates using Foundation funds, including purchasing tickets to events, is a violation of Internal Revenue Service policy.
Section 9 stresses the importance of depositing monies received exactly as specified on the check. Checks made payable to any component of the University System of Maryland should be deposited in State accounts. If the funds represent a gift, checks should be made payable to the University of Maryland Baltimore Foundation, Inc. and deposited accordingly. No funds can be transferred from State accounts to the Foundation accounts. Gift receipts must be sent out to all donors to support their charitable contribution.
Gifts must be used in accordance with the legally enforceable terms and conditions attached to such gifts.
For assistance or further information, contact the Office of Resource Management at (410) 706-2949.