Q. What does the Foundation do with the gifts it receives?
A. The UNI Foundation directs your gifts exactly for the purpose you specify. Foundation staff works closely with donors and with University administrators to assure the highest standards of integrity in investing and spending these funds. About 95% of the funds we receive are “restricted” gifts, that is, gifts designated by donors for specific purposes. The Foundation deposits 100% of each restricted gift into one of the appropriate 2,000 accounts in the Foundation. The designation is confirmed on the thank you and receipt sent to the donor. From the small pool of unrestricted gifts the Foundation receives, it allocates funds to the University for areas of greatest need.
Q. How does the Foundation make sure that the funds it receives are spent for the purposes intended by donors?
A. The Foundation’s accounting office carefully monitors expenditures made directly from UNI Foundation accounts. The Foundation only transfers funds to the University for the purposes specified by the donor, and the University’s business office then monitors the expenditure of these funds. An independent audit by a certified public accounting firm is done each year in accordance with U.S. generally accepted auditing standards.
Q. How are student scholarship recipients chosen?
A. Scholarship recipients are chosen by faculty, department heads, deans, financial aid officers, or a combination of these. Scholarship recipients are selected according to the scholarship guidelines written, in consultation with each donor, at the time the scholarship was established. The UNI Foundation administers the funds for scholarships supported by private gifts.
(The University of Northern Iowa also receives financial aid funds from federal, state, and university sources. These funds are managed by the university’s financial aid office.)
Q. What information does the UNI Foundation provide about its operations?
A. The Foundation is committed to retaining both the public and the private trust. The Foundation openly discloses information about its policies and activities, its financial statements, and other information to further understanding of its mission and operations. The following items are available to the public:
- Financial audit, conducted by Carney, Alexander, Marold & Company
- Annual report
- Operating budget
- Investment policies, expenditure guidelines, and quarterly performance reports
- Agreement between University of Northern Iowa, the UNI Foundation, and the UNI Alumni Association
- Policies regarding the establishment of fundraising priorities
- Copy of IRS Letter of Determination
- Tax form 990, available at http://www.guidestar.org
- List of Foundation Trustees and Officers
Copies of these items are available during regular business hours at the UNI Foundation Office, 205 Commons, University of Northern Iowa, Cedar Falls, Iowa 50613.
Q. How is the Foundation funded?
A. The UNI Foundation’s fundraising and fund managing expenses are offset in several ways. The Foundation’s operational costs are covered by income sources that include university reimbursements for salaries and related support services for Foundation development officers who focus their efforts on individual UNI colleges and other units; a percentage of earnings on invested gifts; and gifts designated specifically to support the Foundation’s operations.
You can be assured that, if you designate your gift for a specific UNI program or purpose, it will be used solely for that purpose.
Q. Who audits the Foundation’s books?
A. A certified public accounting firm annually audits the UNI Foundation. Copies of its audited financial statement (990pf ) can be found at http://www.guidestar.org.
Q. What is the Foundation’s Tax Identification number?
A. The Tax Identification Number for the Foundation is: 42-6058591