A departmental event is a departmentally-sponsored function for which a fee is charged to participants.
The Financial Management of Departmental Events Policy provides guidelines for the financial management of departmental events fees to support:
Begin the process for developing a Departmental Event Fee by filling out the fee approval form.
All newly established departmental event fees must be deposited in a separate account.
|State - Income Fund Reimbursable Account (IFR)||Yes|
|University at Buffalo Foundation (UBF)||With prior approval from Financial Management and the University Controller|
Once rates are agreed upon by the department and Financial Management, the approval process can begin.
The approval process begins within Financial Management. Once the approval forms are signed off by Financial Management they are sent to the following individuals for approval:
|Internal Participant||Student billing system (HUB)|
|Interdepartmental Invoice (IDI)|
|Purchase Order (eReq)|
|External Particpant||Wire Transfer (ACH)|
|Electronic Payment (ePay, UBF Checkout, eStore)|
|Paper Check (State, UBF)|
|Credit Card (requires prior approval)|
Consider the time involved in the development and review of the departmental event fee and consider if this is reasonable due to amount of expenditures and revenues that the department provides. Does this fee need to exist or can the costs be absorbed into the department?
University departments that collect cash and cash equivalents are responsible for implementing strong internal controls.