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Business Procedures Manual

17.2 Memorandum of Agreement

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The relationship that a USG institution has with its affiliated organization or organizations must be defined by a memorandum of agreement that describes each party’s roles and responsibilities. Minimally, the memorandum of agreement must address the affiliated organization’s authority and responsibilities with regard to the following:

  1. Solicitation of gifts, donations and grants

  2. Liability

  3. Adequate capitalization for activities

  4. Evidence of satisfactory insurance coverage

  5. Use of institutional facilities, programs and services subject to established policies and procedures

  6. Expense reimbursement

  7. Use of the institution’s name, symbols and trademarks

  8. Disposition of the affiliate organization assets upon dissolution

  9. Compliance with internal revenue code and state law

  10. Use of generally-accepted accounting principles

  11. Submission of an independent annual audit report and financial statements

  12. Elimination of conflicts of interest concerning institutional employees and in the relationship with the institution

  13. Disclosure of funds and other items of value received by the affiliated organization and assurance that funds intended for institutional accounts are properly deposited

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