Constituent Organizations Finances


VCU Foundation finances

As of FY2022, all alumni constituent organization funds are held by the VCU Foundation. Staff liaisons hold credit cards tied to each organization’s VCU Foundation account, with an established spending limit. Constituent organization expenses and purchases that may exceed the spending limit should be coordinated in advance with the staff and finance team so that charges can be made successfully.

Constituent organization budgets and expenses

Constituent organizations receive an allocated budget each year from the Office of Alumni Relations based on their level. Organizations may apply for funding on a quarterly basis through the Alumni Council Grants and Awards Committee review process. Reach out to your staff liaison for more details.

Constituent organizations should budget at least quarterly to prepare for event purchases and communicate with staff about vendor needs, contracts, deposits, etc.

Contracts and deposits

Some event purchases, activities and vendor bookings may require a signed contract. If a signature is needed, your staff liaison will work with the VCU Foundation to acquire one. This process requires advance notice to have the documents returned to the vendor on time. If a deposit payment is needed, alumni staff and the VCU Foundation finance team will work with the constituent organization and the vendor to ensure the services and booking are retained.

Purchase payments and preauthorization

Because alumni staff as cardholders cannot always be present for a constituent organization’s program, at times, using a form of payment that does not require an in-person transaction is best.

For more information about payment to vendors prior to an event date, work with your staff liaison to reconcile payments in the best manner for your event and vendor.

Volunteer reimbursement

In the event that a volunteer incurs personal expenses from an organization-related event, the VCU Foundation will send a check for reimbursement to the volunteer. This process can take up to three weeks from the time staff receive the receipt of purchase. The option for volunteer reimbursement should only be relied on in emergency circumstances.

Tips and gratuity

If gratuity or a tip is appropriate, offering up to 20% of the purchase price is acceptable. Only tip if gratuity is not included in the bill.

Alcohol guidelines

Many alumni events involve offering alcoholic beverages to guests. For the safety of alumni guests and constituent organizations’ liability in circumstances surrounding alcohol consumption, a few guidelines are in place for such events:

Corporate sponsorships

With the proper approval, constituent organizations can accept sponsorships or external support for events, programs, publications or other activities. For more information on soliciting sponsorships and maximizing sponsorship results, contact your staff liaison.