A new foundation fund is needed when a donor, or group of donors, gives money for a purpose for which a fund is not already established in the foundation. The donor sets the restrictions, but it is up to the receiving department to determine the authorized users and inquiry users for the funds. A foundation fund may need to be closed when the purpose or project for which it was established no longer exists and the fund balance is zero.
RSO Policy - Registered Student Organizations (RSO) and Extended Campus Student Organizations (ECSO) are defined by university policy (#8010) as “voluntary associations of Virginia Tech students that have no direct relationship to the university.” Due to this lack of direct relationship with the university, the foundation is unable to hold accounts, accept contributions, or make disbursements to or on behalf of RSO or ECSO organizations as doing so would jeopardize the foundation’s tax exempt status. If you have questions, please contact VTF Accounting.