This article explains the methods to spend the funding from endowment funds and the relevant documentation needed, depending on the policy of each endowment fund.
Midnight Sun (MS) received funding from the Mathematics Endowment Fund (MEF), Waterloo Engineering Endowment Fund (WEEF), and Engineering Society (EngSoc).
MEF
General Timeline
1. MS makes a purchase that’s eligible for using MEF funding
1.1 the purchase is made through SSDC operating account (team purchase path)
1.2 the purchase is made by a team member for the team (individual reimbursement path)
2. After the purchase is made, contact MEF to ask for approval of the reimbursement
2.1 if it’s through team purchase, finance/ PM will contact MEF to process the reimbursement
2.2. if it’s through the individual reimbursement path, finance will reach out to the claimant and help prepare and submit the Expense Claim Form UWaterloo Finance Expense Claim Form (Excel) to MEF for approval. The form should be filled out appropriately so it is able to show MEF: what is purchased, who purchased it and how, the purchase is used as required.
3. Once the approval is received, MEF would reimburse the amount of the purchase
2.1 if it’s through team purchase, the money would be deposited to team SSDC operating account
2.2 if it’s through individual reimbursement path, the money would be deposited to the claimant’s bank account per his/her Quest info, or sent through a cheque.
WEEF
Timeline for Team Purchase
1. Before making a purchase, MS should inform WEEF first about the purchase needs to be made and ask for an approval
2. After the approval is received, WEEF pays for the purchase??? No transaction going through SSDC operating account???
Timeline for Individual Reimbursement
1. An MS team member purchases an item requested in WEEF funding, for the team
2. The MS team member submits the MS Individual Reimbursement Google Form, finance will reach out to the member, help prepare and submit the Expense Claim Form UWaterloo Finance Expense Claim Form (Excel) to WEEF for approval. In the email with the form attached, finance will identify the term when the fund going to be used was granted.
3. Once WEEF approves the reimbursement, the member would expect a deposit to his/her bank account or a cheque.