- Deposit Transmittal (pdf)
Types of Revenues
Support given voluntarily by a source external to the University for which no goods or services were provided.
Faculty Practice Payments
Resources transferred from clinical practice entities to support the general needs of a University unit.
Payments received in response to official University groups that have formally established dues schedules, e.g. Alumni Association dues.
Deposit of funds to repay loan or advance. These payments are not to be reported as new revenues.
Sponsored Program or Activity/Service Revenues
Sponsored Program revenues are payments provided from an external source to produce a specific work project or specific services, over a specified period of time, utilizing University owned or controlled facilities or University personnel in the course of their University duties.
Activity/Service revenues are payments provided from an external source to support or participate in University programs, events or activities that do not satisfy the definition of sponsored research programs.
Sources of Revenues:
- Revenues are new funds received from sources external to the University.
- Such sources include individuals (alumni or friends), corporations, foundations, and other legal entities.
Sales and Tax Use
Sales of tangible personal property or Rental or leasing sales may be subject to New York State sales tax. Accountholders are responsible for collecting sales tax on purchase.
In general retail sales of tangible personal property made by a shop or store operated by a tax exempt entity are subject to New York State sales and use tax. The terms “shop” or “store” include any place or establishment where goods are sold from a display with a degree of regularity, frequency and continuity.
Retail sales of tangible personal property by an exempt organization made by remote means and also subject to New York State sales tax if done so with a degree of regularity, frequency and continuity. The term “remote means” includes sales made by telephone, through the internet or by mail order.
The New York State sales tax is a destination tax which means that the sale is taxed where delivery occurs. Sales of tangible personal property delivered outside the state are not subject to New York sales tax. Go to http://www.tax.ny.gov/ for more information.
In General rental or leasing sales of tangible personal property by a tax exempt organization are subject to New York State sales tax whether or not such sales are made through a shop or store.
Forms of Revenues
Cash deposits are accepted. Deposits containing cash should be hand delivered to the Center for Tomorrow between 8:00 a.m. and 5:00 p.m. Cash will be counted at time of delivery, and a signed receipt provided.
All checks should be made payable to UB Foundation or account name. Unsigned checks will be returned to the University unit, and cannot be deposited. Identifying departmental endorsements should be stamped on the right hand side of the back of the check. The left hand side is for UBF use only.
Credit/debit card payments must be processed in an efficient, consistent, secure, and controlled manner in compliance with the Payment Card Industry Data Security Standard. Compliance is the entire institution’s responsibility with duties and accountability assigned at every level of the payment process. The full text of the policy can be found on the University Policy Library web site at http://policy.business.buffalo.edu/Pages/financial.aspx
The following credit cards are accepted with appropriate bank fees noted:
- Master Card/Visa 1.782%
- Discover 1.8%
- American Express 2.15%
- Diner Club/Carte Blanche 2.70%
- On-Line Mastercard/Visa 1.782%
- On-Line Discover 1.8%
- On-Line American Express 2.15%
Such fees are additional to University fees applied to deposits. The charge will appear on card holders' statements as "UB Foundation". Please be sure to keep credit card information in a locked secure place.
Canadian funds are deposited at face value, with exchange rate subsequently charged to the deposit account. Other foreign funds not drawn on a U.S. bank must be submitted for collection, with net proceeds subsequently being credited to the deposit account.
Electronic transfer of funds into an account is easily possible. Please contact revenue processing office (645-3011) for details and keep us informed about transfers that you are expecting.