The USM Foundation may accept the proceeds from sales of tangible merchandise, books, tapes, wreaths, sweatshirts, etc. The USM Foundation must be notified prior to the sale.
Note: All sales within the state of Maryland are subject to 6% sales tax and may additionally be subject to Unrelated Business Income Tax (UBIT). Sales tax is paid as required by law and charged to each account accordingly.
When submitting the Deposit Form - Non Gift from sales proceeds use the GL Code 4250 (Sales Taxable) on the form.
When the item(s) to be sold is purchased and the Disbursement Request is submitted for payment, use the GL Code 4253 (Cost of Goods Sold) on the request form.