Key Steps for Success:
Account Set-Up
When setting up an account with the Stony Brook Foundation, Account Directors should
partner as much as possible with their assigned Advancement Officer. Please refer
to the “Contacts” section at the bottom of this webpage for a directory.
As a first step, please determine which account application to use.
For Gifts
- If there is a signed gift agreement which was executed between a donor, Stony Brook
University and the Stony Brook Foundation, please use the Account Application for Gift Agreement or “short form” to open your account. As the gift agreement includes information
about the intended purpose of the account and donor restrictions on the use of these
funds, the abbreviated short form is applicable. Once completed and fully signed,
please forward this “short form” account application with the Gift Agreement to the
Stony Brook Foundation to start the account application process.
- Alternately, and in instances where there is a solicitation letter/fundraising proposal/
donor letter or other communication but no gift agreement accompanying the gift, please
complete the Stony Brook Foundation Account Application or “long form.” Completion of the long form is necessary to provide information
about the intended purpose of the account and donor restrictions on the use of these
funds.
For Grants
- A completed and signed Grant Proposal Processing Form is also needed to open an account for a grant. This form should be routed for signatures
with the relevant Account Application (short or long form, see above) and all other
related grant documentation (i.e. Award letter, grant agreement, etc.)
General Information
- For helpful instructions, please see the Instructions for SBF Account Application
- As noted on both the “short” and “long” account application, signatures of the relevant
Department Chair, Dean, and Provost/area Vice President are needed to complete both
forms and should be obtained before the form is forwarded to the Stony Brook Foundation.
- Please keep a copy of the signed form for your records before you submit it to the
Stony Brook Foundation.
- Signatories of the Stony Brook Foundation accounts must be employees of Stony Brook
University or of a corporation with Trust and Agency status. If the department signatory
has not previously completed the Authorized Signatures Form they should do so and forward it to the Stony Brook Foundation Business Office.
After the fully completed and signed account application with all relevant supporting
documents is submitted to the Stony Brook Foundation, an account number will be assigned
by the Stony Brook Foundation and the Account Director will be notified.
Account Directors' Responsibilities:
- The Account Director is responsible for any and all deposits and disbursements with the Stony Brook Foundation.
- The Account Director is responsible for insuring that deposits and disbursements are consistent with the donor’s intent and are in compliance with the Foundations policies
and procedures.
- The Account Director is not authorized to execute any legal document, contract, or
agreement on behalf of the Stony Brook Foundation. Such documents require a Stony
Brook Foundation officer's signature.
- The Account Director agrees to hold the Stony Brook Foundation harmless for all claims
and actions in the event that deposits or disbursements are not in accordance with
account guidelines and donor's intents.
- Monthly accounting statements are available in SBU Reporting to the Account Director
and report recipient. The Stony Brook Foundation Business Office will send an e-mail
after the fifth business day notifying all receipts that the reports are available.
- Documentation of all deposits and disbursements should be retained by the Account
Director in order to reconcile the monthly accounting statements
SBU Reporting:
- Stony Brook University Reporting is a data warehouse of financial data compiled from
PeopleSoft. This information is copied from the PeopleSoft database from the previous
day
- SBF monthly accounting reports are available in SBU reporting 5 business days after
the close of the previous month
- For more information on SBU Reporting for Finance and how to get access, please click here.
